Property taxes are now due and payable and before you write the check to the tax assessor, take a minute to review the bill and confirm the assessment amounts, particularly if you were previously granted a Proposition 8 “decline in value” adjustment, or completed major improvements to the property in the last year.

Property tax assessments are increasing as values in most areas approach the peak values of 2006/2007. The assessor reviews property values annually and can adjust the assessed value upwards each year until it reaches your original base year value plus 2% for every year your have enjoyed a reduced assessment.

If you completed any new construction, additions or alterations to your property in the past year for which building permits were pulled, you may receive an increased assessment based on the value of the addition.

The current assessed value will be listed right under the total taxes due on your bill. If you feel that the market value is less than the assessed value shown on the tax bill, you may submit a Decline-in-Value application to the tax assessor before Nov. 30.

If you financed improvements to your property through a PACE (Property Assessed Clean Energy) program, you are repaying that cost through a Direct Assessment on your tax bill.

The PACE assessment will be listed along with the other direct assessments paid to county and city authorities such as school, fire and water districts. If you pay property taxes with an impound account through the mortgage lender, check to make sure there is enough money to cover the PACE assessment.

The holders of PACE bonds have the right to foreclose on your property if these assessments are not paid.

You are eligible for a Homeowners Exemption on your tax bill when you occupy your property as a principal residence. The homeowner’s exemption allows your assessed value to be reduced by $7000 – worth about $75 in annual property tax savings.

If you qualify and the exemption is not listed on your tax bill, you can call the assessor’s office (888) 807-2111, or obtain the form on the assessor’s site @assessor.lacounty.gov/homeownersexemption.

Pay property taxes before the Dec. 10 deadline, and be thankful that they are still fully deductible on federal income tax returns. The Tax Reform proposal now before Congress would eliminate the deduction for property taxes.

Adriana Donofrio Podley Properties Glendora (626) 926-9700 adrianad@podley.com