Decline in value property reassessment?

Does ne1 know how this works? Typically, my assessed value is lower than the market value. If I ask for a reassessment because I think my property taxes are too high, might my assessed value actually increase because of the discrepancy with the market?

Thanks

 

Let sleeping dogs lie on that one. If the assessed value was higher than market then you'd want to make some noise.

 

that's what I figured. thanks

 

I don't think that matters. You pay prop taxes on the purchase value.

 

N0.

Your property taxes are based on assessed value it's true, and that value is initially based on your original purchase price, but several factors can change that assessment, the most common being major improvements to your property.

Major improvements usually require that you or your contractor pull permits with the city and/or county which requires that a full set of plans be filed for review before the permit is issued and those plans would include the estimated cost of the work. Once the work is completed and inspected by the city or county, the value of those improvements would be reported to the county and state meaning that they would reassess your home based on that increase in value and that would mean that you would pay higher property taxes based on that reassessment.

 

if you bought a property in the last couple of years in LA County, odds are the assessed value is higher than the market value, and you can have the assessed value lowered, as was done on my residence.

 

you guys know that the Head appraiser for L.A. county is right here on socal FChat...... He is lurking right now.............Some know him as Leibkid.........but most of us know his real name.......