Storm Damage Relief Offered For Palos Verdes Property Owners

RANCHO PALOS VERDES, CA — In the aftermath of recent heavy rainstorms, Palos Verdes residents who experienced damage to their property can apply for financial relief.

The Los Angeles County Assessor's Office is providing critical relief through the Misfortune and Calamity Tax Relief program. The initiative aims to ease the financial burden for people affected by natural disasters.

Through the initiative, homeowners will be offered a reassessment of their property value that reflects the damage incurred, potentially lowering tax obligations. The program stipulates the property loss must amount to more than $10,000 to qualify, officials said.

To be eligible for relief, residents must submit an Application for Reassessment: Property Damaged or Destroyed by Misfortune or Calamity within 12 months of the damage occurrence.

Qualifying property owners will see a reduction in tax liability for the portion of the property that was damaged or destroyed, which is maintained until the property is repaired or rebuilt.

Any repairs made that are similar to the original structure will not result in an increased property tax rate. However, any expansions or enhancements will be assessed at their full value, officials said.

For more information about the Misfortune and Calamity Tax Relief program, visit the LA County Assessor's website.