The Taiwanese Association of California hosted a seminar on property valuation on October 12, inviting Los Angeles County Assessor Jeffrey Prang as the keynote speaker. The event covered topics such as the property valuation process, property tax regulations and benefits, and how to utilize online tools for more efficient property management. The audience filled the venue, actively engaging with Prang during the Q&A session.
Prang’s responsibilities include the annual valuation of over 2.5 million properties, both residential and commercial, totaling more than $2 trillion in assessed value, significantly influencing over $20 billion in property tax revenue.
During his talk, Prang explained the structure of property taxes and key regulatory changes, emphasizing the importance of Proposition 19 for homeowners over the age of 55 who decide to move. This proposition allows them to transfer their property tax base to a new home, thereby avoiding increased property tax burdens. He also discussed changes to the tax base for inherited properties, stating that for children to benefit from this tax relief, they must move into the inherited property within 12 months and apply for the Homeowners’ Exemption.
The Homeowners’ Exemption was another critical point Prang highlighted, noting that many homeowners overlook this tax-saving program. According to the exemption rules, if a property has been used as the owner’s primary residence before January 1, its assessed value can be automatically reduced by $7,000, resulting in an annual savings of around $70 on property taxes. He encouraged homeowners to check their registration status for this exemption, which can easily be applied for online if not already registered.
Prang also introduced recent technological upgrades from his office, including the Homeowner Alert Service. This service will notify homeowners within 48 hours of significant changes to their property, such as foreclosure, ownership transfer, or new liens, helping them identify potential real estate fraud. Homeowners can register for this service by providing their email address through the Los Angeles County Assessor’s office website.
During the Q&A session, attendees inquired about when property reassessment is necessary. Prang shared common triggers for reassessment, such as selling the property, ownership transfer, or new construction (like expansions or accessory dwelling units). He emphasized the need for homeowners to understand and properly manage valuation changes, especially during estate planning and property transfers.
Chuchin Chi, president of the Taiwanese Association of California, remarked on the significance of housing issues that affect everyone, hoping this seminar would provide a valuable platform for addressing these concerns.
