Is Your Property Over-Assessed? What LA Apartment Owners Need to Know About Challenging Their Property Tax Bill

Is Your Property Over-Assessed? Reduce Your Property Taxes!

What Los Angeles Area Apartment Owners Need to Know About Challenging Their Property Tax Bill

Date / Time: Wednesday, June 10, 2025 - 10:00 a.m. – 11:00 a.m.

Cost: FREE to all AAGLA members

How to Attend: Please log in to register. Register online at www.aagla.org/events.

Passed in 1978, California Proposition 13 is a constitutional amendment that drastically limits property taxes by capping the tax rate at 1% of assessed value (plus local voter-approved bonds) and restricting annual assessment increases to a maximum of 2%. It changed California to an acquisition-value system, where property is reassessed to market value only upon sale or new construction.

Many Los Angeles-area apartment owners are overpaying property taxes without realizing it. Join Wes Nichols for a practical overview of the appeal process and how current market conditions affect your assessment.

During this webinar, we will discuss:

• How to determine whether your apartment property is eligible for a property tax appeal.
• Why rent-controlled properties are particularly vulnerable to over-assessment, and how Assembly Bill 1482 has expanded tax reassessment appeal opportunities.
• How the rising cap rates, increasing concessions, and stalled rent growth are creating strong property tax reduction arguments today.
• Understand the income approach to valuation and what it means for your property tax bill.
• How to complete the Preliminary Change in Ownership Report (PCOR) correctly to protect your assessment.
• What the appeal process looks like from start to finish, including key deadlines.
• How Paramount Property Tax Appeal represents you at no cost until a tax reduction is secured.

California property tax reassessments can be lowered if a home’s market value falls below its Proposition 13 factored base year value, a temporary reduction known as a Proposition 8 decline-in-value. Property owners should check their annual assessment, as this reduction is not automatic, and file a request with their county assessor between July 1 and October 31 of each year.

A property owner can undertake to seek a reduction in assessed value and reduce property taxes. Some of the reasons available to property owners for reducing their assessment and property tax bill include:

• Proposition 8 (Decline in Value): If the market value of your property as of January 1 is less than your current assessed value (factored base year value), the assessor is required to enroll the lower value.
• Request an Informal Review: Contact the county assessor’s office to request a review of your property value if you believe the market value has dropped.
• File a Formal Appeal: If the informal review is not satisfactory, file a "Decline in Value" appeal with the Assessment Appeals Board (often by November 30, but deadlines vary by county).
• Disaster Relief: If a property is damaged or destroyed by a misfortune or calamity, an owner may be entitled to property tax relief under Revenue and Taxation Code section 170.
• Proposition 19 (Base Year Value Transfer): Seniors 55+, disabled persons, or victims of wildfires/natural disasters can transfer their lower tax base to a new, replacement home anywhere in California, reducing their tax burden.

Property tax appeal deadlines are strictly enforced, typically falling between July 2 and November 30. When property values recover, the assessment can increase again by more than 2% annually, up to the original Proposition 13 base value.

This will be a live, interactive, online learning session. Live Q&A will take place throughout the online seminar. Please join us for what will surely be an extremely informative and timely presentation.

Please log in to register on our website at www.aagla.org. If you have any questions, please contact Events Manager, Diana Alcaraz, via email at diana@aagla.org. We look forward to seeing you. Please stay diligent and be healthy!

WARNING:  THE INFORMATION PROVIDED DURING THIS WEBINAR IS FOR GENERAL INFORMATION PURPOSES ONLY. ABSOLUTELY NO LEGAL OR TAX ADVICE IS BEING GIVEN DURING THIS WEBINAR. BEAR IN MIND THAT EVERY SITUATION IS UNIQUE, AND THE LAWS, RULES AND REGULATIONS ARE SUBJECT TO CHANGE AT ANY TIME. SO, BEFORE ACTING, BE SURE TO OBTAIN TAX AND/OR LEGAL ADVICE FROM A LICENSED PROFESSIONAL.

Seminar Leader: 

Wes Nichols, Founder and Chief Executive Officer, Paramount Property Tax Appeal

Wes Nichols is the Founder and Chief Executive Officer of Paramount Property Tax Appeal, leading a firm focused on securing fair and accurate property tax assessments for income property owners throughout Los Angeles, as well as across California, Colorado, Texas, Nevada, Arizona, and Washington.

Income-producing properties are often assessed using broad assumptions that fail to reflect real operating performance, rising expenses, and shifting market conditions. Wes built Paramount to address this directly, applying detailed income analysis, market data, and comparable sales to determine whether an appeal is warranted. When it is, his team manages the entire process from valuation through representation on a contingency basis.

Since its inception, Paramount has handled over 45,000 appeals and delivered more than $100 million in tax savings for property owners. The firm represents a wide range of income-producing assets, including multifamily, office, retail, and mixed-use properties across major markets.

Wes’s background in commercial real estate finance, including his role as Vice President of Loan Origination at Johnson Capital, informs a disciplined, results-driven approach focused on measurable reductions and long-term value. For more information, go to: www.paramountpropertytaxappeal.com/, or call (858) 225-1200.

Moderator:

Daniel Yukelson, AAGLA Chief Executive & Executive Director

Daniel Yukelson is currently the Chief Executive and Executive Director of The Apartment Association of Greater Los Angeles (AAGLA). As a Certified Public Accountant, Yukelson began his career at Ernst & Young, the global accounting firm, and had served in senior financial roles principally as Chief Financial Officer for various public, private, and start-up companies.

Featured Sponsor:

Paramount Property Tax Appeal

Paramount Property Tax Appeal is a specialized property tax advisory firm representing commercial real estate owners across the United States. The firm operates on a contingency basis, aligning its compensation directly with the results it delivers.

Paramount focuses exclusively on reducing property tax liabilities through disciplined, data-driven valuation analysis. Each engagement begins with a detailed review of income performance, market conditions, and comparable properties to determine whether a defensible basis for reduction exists. When it does, the firm manages the entire appeal process, from initial analysis through filing, negotiation, and representation.

Since its inception, Paramount has filed more than 45,000 appeals, representing over $50 billion in assessed value and securing more than $100 million in tax savings for its clients. The firm represents a broad range of asset types, including multifamily, office, retail, industrial, and hospitality properties.

Paramount’s work is grounded in current valuation methodology and case law, allowing it to navigate complex assessments with precision. Clients engage the firm not simply to file appeals, but to ensure their property values reflect current market reality and support long-term asset performance. For more information contact Paramount Property Tax Appeal at (888) 385-9203 or call (858) 225-1200, or go to https://www.paramountpropertytaxappeal.com/.