PROPERTY TAXES UP FOR SOME TEMPORARY CUTS REVERSED BECAUSE OF CLIMBING VALUES.Byline: Troy Anderson Staff Writer Property taxes will increase an average of $420 this year for 133,000 Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County residents who were granted temporary assessment reductions in the 1990s when their property values declined, officials said Thursday. In a memo to the Board of Supervisors, Assessor Rick Auerbach Frederick Steven Auerbach (born February 15, 1950 in Woodland Hills, California) was an shortstop in Major League Baseball. He played from 1971-1981. See also
``We have looked at the average increase and it ranges from $40,000 to $50,000 in value,'' Auerbach said. ``It's been a substantial increase each year because property values have continued to go up in the last three years. They seem to still be going up. That is really caused by the low interest rates and the shortage of housing.'' During the 1990s, property owners throughout the county experienced a general decline in the value of their real estate. Proposition 8, passed by California voters in 1978, provided for a temporary reduction in assessed values where the Proposition 13 value of property exceeded the actual market value. Proposition 8 provides that the property owner is entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to the lower of two values - either the Proposition 13 value, which is the purchase price and cost of new construction with inflation not to exceed 2 percent a year, or the current market value of the property. In an unrelated matter, Auerbach notified the supervisors that some 300 property owners have been erroneously er·ro·ne·ous adj. Containing or derived from error; mistaken: erroneous conclusions. [Middle English, from Latin err given refunds totaling $468,000, and notices seeking repayment were mailed out May 6. The erroneous erroneous adj. 1) in error, wrong. 2) not according to established law, particularly in a legal decision or court ruling. refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies situation occurred when an exempt, or partially exempt property Exempt property, under the law of property in many jurisdictions, is property that can neither be passed by will nor claimed by creditors of the deceased in the event that a decedent leaves a surviving spouse or surviving descendants. , changed ownership at a value lower than the existing assessed value. While lowering the assessed value normally results in a refund to the new owner, it should not have in these cases because taxes were not paid on the full assessed value due to the exemption. ``Our computer systems were not able to recognize this situation and issued a refund in error to the affected property owners,'' Auerbach wrote. The information will be processed to create the property tax bills necessary to recover the funds. If the tax bill amounts for $500 or more, the taxpayer may apply for a four-pay installment plan with the Treasurer and Tax Collector's Office. |
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