LOS ANGELES (KTLA) – If you’re one of the thousands of Los Angeles County residents whose homes were damaged or destroyed in the Palisades or Eaton wildfires, there’s a harsh reality beyond just property loss. That means you still have time to repay your mortgage.
The same goes for most property taxes.
KTLA’s David Lazarus spoke with Los Angeles County Tax Assessor Jeff Prang on Monday about the impact on real estate if you lose your home to a wildfire. It’s a mix of good news and bad news.
“We will reduce your assessed value and your property taxes,” Plan said. “Unfortunately, this reduction does not apply to land.”
Interactive map showing homes destroyed and spared by wildfires in Los Angeles
For the average home in a wildfire zone, two-thirds of the property value is the land itself, not the house, Lazarus points out. Mr Plann is encouraging fire victims to register for misfortune and calamity tax relief through the assessor’s website.
Regarding mortgages, Lazarus said unfortunately for fire victims, “a deal is a deal.” He equates losing your home to a wildfire to having your new car stolen the day after you drive it off the lot.
“You’re still paying off your loan,” Lazarus said.
He advises fire victims to contact their mortgage server to schedule a payment deferral, which could delay payments by months or even years.
“But eventually you’re going to have to pay that loan,” he says.
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