County reassessing property values

Due to significant drops in Los Angeles County home values, Assessor Rick Auerbach said Thursday that he's in the process of reassessing the values of 310,000 homes. Troy Anderson in the Daily News.

So far, he said, he has reduced the assessed value of 41,000 homes by an average of $66,000 each. That means a typical property-tax savings of about $660.

Auerbach said not all of the revaluations have come at the request of homeowners. Market conditions - and the growing likelihood that some properties are overassessed - have spurred him to review recent sales.