Assessed property values in LA County hit record-breaking $1.5T

Boost will mean higher property taxes for most homeowners

Jul.July 21, 2017 02:00 PM
Townhomes under construction (Getty Images)

Los Angeles homeowners will have to pay more to the tax man, thanks to a thriving real estate market. 

Total assessed property values jumped 6 percent over the past year to a record $1.47 trillion, nearly $81 billion more than last year, according to a report from the L.A. County Office of the Assessor.

The increase marks the seventh consecutive year of property value growth in the county, the Los Angeles Business Journal reported.

Property sales caused the greatest increase, accounting for nearly half the growth. New construction was also a significant contributor. 

The assessor’s office reviewed more than 2.3 million taxable real estate parcels in the county, in addition to 170,000 business and personal assessments; 26,000 boats and 3,000 aircrafts.

The assessments will be used as the base to calculate property taxes. Those taxes are then disbursed to over 900 local taxing agencies and used to fund schools, roads, public safety and other local government services, the assessor’s report explains. 

L.A. County Assessor Jeffrey Prang said a city-by-city breakdown will be released later this year. The Westside’s growth increased faster than other areas, he said.

“As an economic indicator, this demonstrates that Los Angeles is very strong in residential and commercial properties and people are buying here,” Prang told the Los Angeles Daily News. “The bad news is for those looking to buy a home or invest in property, prices are going up.” [LABJ] — Subrina Hudson

Related Articles

Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)

SoCal housing market shows signs of life, with a caveat: report

Bridge Housing CEO Cynthia Parker and a rendering of the view from Walnut and Anaheim (Credit: SVA Architects)

Fully affordable complex set to rise in vacant Long Beach lot

Tracy Tutor and her Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home

Anton Lessine and 321 South Bristol Avenue, and Behati Prinsloo and Adam Levine with their home (Credit: Getty Images and Zillow)

This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more

Anton Lessine and 321 South Bristol Avenue (Credit: Getty Images)

Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M

Andy Reid, the President of MetroStudy

The great SoCal slowdown: Homebuilding drops 18%