- calendar_month January 10, 2025
- folder RE News
California’s wildfires leave lasting scars, not just on the landscape but also on homeowners’ property values. If you’ve been affected by these fires, it’s important to understand how they might impact your land value and property taxes—and what steps you need to take to protect your interests.
How Wildfires Affect Land Values
The aftermath of a wildfire can drastically change land value, often reducing it due to environmental damage, loss of structures, and long-term recovery challenges. Areas prone to wildfires may also experience a stigma that influences future property demand and insurance costs, further complicating real estate markets.
For property owners, understanding these shifts is critical, especially if you’re considering selling or rebuilding. Consulting with real estate professionals familiar with post-fire markets can provide clarity on your property’s current standing.
When Will LA County Adjust Property Taxes?
The LA County Assessor's Office recognizes that disasters like wildfires can significantly impact property value. According to California law, if a property suffers more than $10,000 in damage due to a disaster, the owner may be eligible for a temporary reassessment, potentially lowering property taxes.
Adjustments are not immediate but typically occur after the Assessor’s office evaluates the damage. This process can take time, depending on the volume of claims and severity of the disaster.
Does the Homeowner Need to Request Adjustments?
Yes, in most cases, homeowners must file a “Misfortune and Calamity” claim with the Assessor’s Office. This application serves as a formal request for reassessment due to disaster-related damage. The form must usually be submitted within 12 months of the incident to qualify.
If you’re unsure where to start, reach out to local officials or your real estate professional for guidance.
Rebuilding and Moving Forward
Recovering from a wildfire is a journey. Understanding these tax adjustments and land value changes is crucial whether you choose to rebuild, sell, or hold onto your property.
At JohnHart, we’re here to support you through this process, and offering expert advice to help you navigate these challenging times. Don’t hesitate to reach out for personalized assistance.
