Misfortune and Calamity (M&C) Program Could Give Some Disaster-Affected Residents Help
With so much damage from the recent atmospheric river storm, the city of Malibu suggested a potential way for property owners to get some help. The city’s official account posted a link to County Assessor Jeff Prang’s site, which has more information on this potential tax relief option made possible by Misfortune and Calamity (M&C) program.
If properties have suffered damage or destruction due to events like storms, wildfires, earthquakes, or floods, owners may be eligible for reassessment. To qualify for this tax relief initiative, property owners must submit an application for reassessment of the damaged or destroyed property to the Los Angeles County Assessor’s Office within 12 months from the date of the damage. The assessed loss should exceed $10,000 to be considered for relief.
Property owners seeking more information or wishing to apply for reassessment can do so by visiting this link at the County Assessor’s website, and additional information is available at the State Board of Equalization’s website.
This relief program aims to support property owners in the county who have faced substantial damage to their real estate assets due to unforeseen natural disasters. By providing tax relief, the initiative strives to alleviate the financial burden on those dealing with significant property losses.