If your property has been impacted by a major calamity such as an earthquake, fire, or flood, you may qualify for property tax relief under California Revenue and Taxation Code Section 170. This program is designed to help property owners whose homes or buildings have been significantly damaged or destroyed by natural disasters.
How Property Tax Disaster Relief Works
If your property is damaged or destroyed by a qualifying disaster, you can apply for a reassessment of your property’s value. This reassessment will reflect the post-disaster condition of the property, potentially lowering your property taxes.
Eligibility Requirements:
- The damage or loss must exceed $10,000 of the current market value.
- You must file an Application for Reassessment: Property Damaged or Destroyed by Misfortune or Calamity (ADS-820) with the county assessor’s office within 12 months of the disaster date.
- The reassessment will adjust your property taxes accordingly, and a separate supplemental refund may be issued for the reduced amount.
Proposition 19 Disaster Relief
If your property was substantially damaged by a Governor-declared disaster, Proposition 19 allows you to transfer your property’s tax base value to a comparable property in the same county or another county within California. This ensures that you can maintain lower property taxes even after relocating due to a disaster.
Additional Information and Resources
For more detailed information about property tax disaster relief, including frequently asked questions and how to apply, visit the official California State Board of Equalization website:
https://www.boe.ca.gov/proptaxes/disaster-relief.htm
Have questions? Contact Peak Finance for Assistance
At Peak Finance, we understand the challenges that come with recovering from a disaster. Our team is here to help you navigate your financial options and provide the support you need.
For questions about property tax relief or to discuss your financial needs, contact us today.
If you or anyone you know has questions about financing or the current housing market, your expert Los Angeles mortgage brokers at Peak Finance are here to help. Contact us today at info@peakfinanceco.com.