Los Angeles County Assessor Jeff Prang has taken proactive steps to assist small businesses impacted by COVID-19. The assessor is proactively reviewing real property and business property to determine if owners are entitled to property tax relief.

Although home prices have increased significantly during the pandemic, many small businesses and retail property owners have struggled despite significant losses. Owners may be eligible for a decline-in-value reassessment.

“So many have suffered through the pandemic and may not be aware that my office has a process that may provide temporary tax relief,” Prang said. “I am sending letters to small businesses that may qualify with information about the decline-in-value review program.”

A decline-in-value occurs when the current market value of a property is less than the current assessed value. The 2021 decline-in-value filing period runs through Nov. 30, 2021. Online applications are available.

“Once we have completed our review, those properties receiving reduced assessments will be issued a corrected bill,” Prang said. “This has been an incredibly difficult time for business owners, and I urge businesses to avail themselves of this program if their real property or business personal property was negatively impacted.”

Property owners can reference the current assessed value of a property and learn about the decline-in-value program by visiting the Los Angeles County Assessor’s Office’ website at assessor.lacounty.gov.