When property prices tumbled, I assisted many of my clients with having their property taxes reduced. Now that Los Angeles real estate values have soared, many of these same clients are seeing their taxes increase.
Several weeks ago, I received a phone call from one of my Burbank clients who had just opened her property tax bill which dramatically increased. She was shocked. I asked her what the assessor indicated her value as, she responded $548,000, I almost fell out of my chair laughing and told her that her home would sell in the high sixes, if not low sevens. She was dumbfounded.
Don’t trust online valuation sites, they are wrong more often than right. They can’t make location adjustments (high traffic streets, freeway noise, high tension lines, etc) they also are unable to differentiate between a level lot and a large hillside lot.