By Daily Press Staff

NORWALK Los Angeles County Assessor Rick Auerbach on Thursday announced that his staff is in the early stages of reviewing approximately 310,000 single family homes and condos for a potential decline in value.

Auerbach said it was his responsibility to ensure that no property owner is over assessed and that because of instability in the housing market, a review is needed.

“Initially, we began looking at homes and condos that were purchased in the two-year period from July 1, 2005 to June 30, 2007, whether purchased new or as a resale, to determine if a reduction in the property tax assessment is warranted,” Auerbach said. “These properties are the highest priority because they are the most likely to receive a value reduction.”

Thus far, the Assessor’s Office has reviewed over 67,000 properties with 41,000 being reduced an average of $66,000, which will result in a property tax savings of approximately $660 for each affected property owner.

For owners whose properties are not included in the review and believe their property is assessed above its actual value on Jan. 1, 2008, there is a method to request a review of their assessed value.

Auerbach said those property owners could either download a Decline-in-Value review application from the assessor’s Web site at assessor.lacounty.gov, or request an application by calling (888) 807-2111.