Los Angeles County property values have risen for the 13th consecutive year to nearly $2 trillion.
The value of taxable homes, businesses, boats and planes within the 4,000-square-mile county rose 5.91 percent in this year’s assessment, the Los Angeles Times reported, citing figures from the Los Angeles County Assessor’s Office.
Taxable properties were valued at a record $1.997 trillion. The total value translates to nearly $20 billion in local property tax dollars to fund public services from schools to medical care.
Because of Proposition 13 — the 44-year-old state initiative that caps local governments’ ability to raise property taxes — property owners will be limited to a standard 2 percent tax increase, unless their properties were reassessed because of new construction or for other reasons.
“Our analysis does indicate property value growth at this time and that’s certainly good news for property owners and for local governments,” County Assessor Jeff Prang told the Times. “However, the real estate market began more robustly in 2022 than it ended, and we will not be surprised if the sluggish market continues into the coming year.”
Los Angeles had the largest property assessment, at $819.7 billion, followed by Long Beach at $74.8 billion, Santa Monica at $49 billion and Beverly Hills at $45 billion.
Bradbury, a town of less than 1,000 at the foot of the San Gabriel Mountains, was lowest at $879 million, followed by Cudahy at $1.08 billion and Avalon at $1.1 billion.
Irwindale led all cities in gains with a 10 percent increase in property values, which edged out Burbank and Cudahy, which rose 9.7 percent. La Verne saw the smallest hike, by 2.3 percent, followed by Whittier at 3.5 percent and Bell Gardens at 3.6 percent.
The median single-family home sale price in June for Los Angeles County was $860,750, which marked a 3.3% decrease year over year, according to Redfin, down from a peak above $900,000 in June of last year. Owners sold 4,874 homes in June, nearly 21 percent fewer than this time last year.
The county assessor’s office said single-family homes “produced a marked increase in property transfer assessments,” which netted a jump of $67.4 billion to the county’s tax roll.
Other factors contributing to the increase were $36.7 billion because of inflation, $10.4 billion because of personal property and fixtures, and $5.6 billion because of new construction. Another $2.5 billion was noted in decline-in-value reductions.
— Dana Bartholomew
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Assessor: LA County property value hits record $1.9T