Property tax cuts coming to 128,000 L.A. homeowners

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News item from today’s L.A. Times: ‘The number of homeowners in Los Angeles County who will receive a lower property tax bill grew to 128,000 this week because of the deteriorating real estate market.... Those receiving a reduced assessment in Los Angeles County will receive a written notice before June 30. On average, their tax bills will be $750 lower than last year.’

Don’t like the county’s decision on your reassessment? You can appeal, but be patient: The current backlog to have your appeal heard now stands at one year, The Times reports.

Backstory: In early May, the assessor’s office reported it would lower property tax bills for 89,000 L.A. homeowners by an average of $684. The assessor’s office is in the process of reviewing assessed values of 318,000 L.A. County houses that changed hands between July 2004 and June 2007.