LA County properties valued at nearly $2 trillion…before pandemic

Annual tally by assessor included 2M single-family homes, 250K multifamily properties and about the same number of commercial properties

Los Angeles /
Aug.August 24, 2020 12:00 PM
LA County assessor Jeffrey Prang
LA County assessor Jeffrey Prang

Combined, the assessed value of Los Angeles County’s commercial and residential properties was $1.7 trillion. But that was as of Jan. 1, well before the coronavirus upended the county, country and the world.

Newly-released data from the county assessor — as cited in the Los Angeles Business Journal — shows the total was nearly $96 billion over last year’s. The year-over-year increase beat the projection of 5.25 percent.

The coronavirus pandemic slammed into the real estate world, but it is still unclear to what extent it affected property values. That won’t be known until the next assessment roll is released next year.

L.A. County Assessor Jeffrey Prang said it was “still too early to tell how the pandemic will affect our economy.”

“But we already see early indications that our growth may be slowing next year,” he said, “especially for commercial and industrial properties.”

The 2020 assessment roll valued 2.58 million real estate parcels and businesses. That included 1.9 million single-family homes, around 250,000 multifamily properties, 247,500 commercial properties, and 205,000 business properties.

The $1.7 trillion assessment value translates to about $17 billion in tax revenue for the county. Sales tax revenue is expected to be dramatically lower this year than previous years, which could cause some budgetary headaches for the county and other jurisdictions, the Business Journal reported.

While the pandemic negatively impacted dealmaking, CBRE director Eric Willett said there were “signs of increased activity already.” [LABJ] ­— Dennis Lynch


Related Articles

arrow_forward_ios
Blackstone's Stephen Schwarzman with 6700 8th Street, 22642 Lambert Street and 23512 Commerce Center (Getty, PS Business Parks, LoopNet)
OC portfolio with 1.1M sf part of Blackstone acquisition
OC portfolio with 1.1M sf part of Blackstone acquisition
Brookfield’s Brian Kingston with 425 East Colorado Street (Brookfield's Real Estate Group, LoopNet)
Brookfield sells Glendale office building to owner-occupier
Brookfield sells Glendale office building to owner-occupier
Joel Schreiber and 801 South Broadway (Google Maps)
Former WeWork investor enters Chapter 11 for DTLA “metaverse hub”
Former WeWork investor enters Chapter 11 for DTLA “metaverse hub”
Redcar Properties' Jim Jacobsen and 843 North Spring Street (LinkedIn, Lever Architecture)
Offices built with cross-laminated timber coming to Chinatown
Offices built with cross-laminated timber coming to Chinatown
Initiative to decide whether LA hotels should house the homeless
Voters to decide whether LA hotels should house the homeless
Voters to decide whether LA hotels should house the homeless
Long Beach (Illustration by The Real Deal with Getty)
Downtown Long Beach office vacancy highest in 20 years
Downtown Long Beach office vacancy highest in 20 years
Jamison Properties' Jaime Lee with the Pierce National Life Building (LinkedIn, Google maps)
Koreatown office building poised for residential conversion
Koreatown office building poised for residential conversion
SteelWave's Barry DiRaimondo with 1382 Bell Avenue (LinkedIn, JLL)
SteelWave sells Tustin office building for $91M
SteelWave sells Tustin office building for $91M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...