Have you wondered about the actual process that your county participates in to figure up those dreaded property taxes at the end of the year? How exactly is New Home and Business owners taxes calculated? I done a little research regarding the taxes specifically related to LA county and I would to provide my input with you. Lets start with those painful property taxes that drain our pockets each year. It actually takes individuals from 3 separate offices in LA county to manage our property taxes. These individuals include the Assessor, Auditor-Controller, and the Treasure and Tax Collector.
The Assessor is basically responsible for placing a value on your property. Next, the Auditor-Controller adds on some more additional taxes to increase the cost. After that job is done, the property taxes are then sent to the Treasure and Tax Collector, who are responsible for collecting that large lump sum from us yearly. The collector is responsible for collecting both secured and unsecured taxes. Secured taxes are taxes on real property such as vacant land or homes and apartments. Unsecured taxes, however, are only on assessments, such as boats or office furniture to name a couple. If you are a new home owner, I found out some good news for you! The LA county says that you may be eligible for an exemption that decreases your property taxes by $70 a year. That may not sound like much, but I am sure you could find something to spend the additional money on! Treat yourself to a pedicure or a fishing trip. Since we are on the topic of owning something, lets talking about New Business Owners, shall we? I found some pretty interesting information during research that I feel would benefit some of you, so I decided to pass along.
A Business property in LA country that cost more than $100,00 is required to file a business property statement each year by April, 1st. However if the cost was less than that, you would not be required to file the statement. In case you’re wondering, business property includes things in the nature of machinery, computers, equipment, telephones, furniture, and supplies. All business property is officially valued annually. There you have it, LA county taxes in a nut shell. I hope this clear up some of your curiosity. Of course, if you have additional questions, you can always contact the LA county office and I am sure they can provide with you more information.