County tax officials throughout Southern California are beginning to reduce the assessed values of homes as the housing market continues to spiral downward.

Los Angeles County has dropped the assessed values of more than 41,000 homes, resulting in an average tax saving of $660 per home. Other counties have also begun the reassessment process.

Property tax bills are mailed in October.

Riverside County assessor Larry Ward says staff will be working 10-hour days and weekends to handle reassessments. His office is getting at least 100 calls a day from homeowners.

Last year, Riverside County’s automated system reduced the value of about 9,000 homes. Values were cut an average $43,000, and the homeowners received a $500 tax break.

—The Associated Press

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