MALIBU—On Thursday, February 8, the city of Malibu announced that Los Angeles County property owners may be eligible for tax relief if their property was damaged or destroyed by the recent storms or other natural disasters such as wildfire, earthquake or flood.
The city of Malibu indicated on its website to qualify, an application for reassessment of the damaged/destroyed property must be filed with the Los Angeles County Assessor’s Office within 12 months of the date of the damage. To qualify, individuals must file an Application for Reassessment: Property Damaged or Destroyed by Misfortune or Calamity (ADS-820) with the Assessor’s Office.
In addition, if one’s property was substantially damaged or destroyed by a Governor-declared disaster, Prop.19 provides for your property’s tax base to be transferred to a comparable property within the same county or another county in California. Visit the Prop. 19 page for more information.
The loss must be greater than $10,000. For more details and to apply, visit: https://assessor.lacounty.gov/tax-relief/disaster-relief.
By Trevor