California Property Tax Issue.

[jeffreycruz]

I live in Los Angeles County, California. I have recently purchased a home. I am yet to pay the first tax for my property. My real estate agent says that I am liable for a tax of $8000 as per the purchase price of my house. He says that I may be eligible for some type of refund or reduction. Any info would be appreciated.

[Tolstoy]

Exemption is allowed under California law (Revenue and Taxation Code Section 218) and when granted will reduce the taxible valuation of your property by at least $5600 each and every year that you own and live in your property. This will reduce your annual tax bill from it's current level.