As the challenges of wildfires, heavy rains, and mudslides in Los Angeles County subside, the focus shifts to rebuilding. Along with reconstruction comes the opportunity to strategically plan property taxes to take full advantage of available relief programs. For many affected residents, the critical decision will be whether to rebuild their properties or to put them on the market.

Property Tax Rates

If you would like to rebuild your home, how are property tax rates treated? There are numerous factors to consider, and careful planning is key prior to making this decision.

Rebuilding Your Home

If you would like to rebuild your home, it’s possible to keep your base property tax rate if the newly built home meets the following:

• It’s of similar size and utility
• The cost of the new home must be within certain values of the old home’s value
• Appraisals may be needed to measure the value of the old home to qualify for relief
• Construction must happen with in 5 years of the loss
• The CA county of the replacement property matters

Whether you are contimplating a rebuild or a move, it’s recommended to consult with a tax expert. Strategic planning is key to avoid an increased property tax bill.