LA County property values grow to a record $1.89 trillion for 2022

LA County property values grow to a record $1.89 trillion for 2022

  • Kevin Smith
  • 08/4/22

Original article published by Los Angeles Daily News

Los Angeles County’s total assessed property value for 2022 grew by a record $122 billion, boosting it to $1.89 trillion, according to a new report.

The 6.95% uptick in the county’s latest assessment roll marks the region’s 12th consecutive yearly increase, and that $1.89 trillion translates to nearly $19 billion in property tax dollars, county officials said.

The assessment roll included the taxable value of 1,889,064 single-family homes, 250,347 apartment complexes and 248,309 commercial and industrial properties.

Put in perspective, that $1.89 trillion total falls just shy of President Joe Biden’s $1.9 trillion coronavirus relief package, which he signed in March to help Americans get back on their feet amid fallout from the pandemic.

L.A. County Assessor Jeff Prang said the growth doesn’t mean property owners will be subject to a corresponding increase on their annual property tax bills. Most, he said, will see a 2% adjustment, as directed by Proposition 13.

Prang said the numbers show the county is “slowly emerging” from the pandemic that has hammered the region’s economy for the past two years.

The housing market is showing signs of leveling off, he said, but it managed to remain robust with low-interest rates and high demand amid the COVID-19 restrictions.

“However, lingering economic distress, the continued concerns of COVID-19 variants and evolving business trends have resulted in numerous challenges for the county,” Prang said in a statement.

The assessment roll includes the inventory for all taxable property in the county. The data provides insight into the health of the region’s real estate market. Assessments are based on the value of a property as of the lien date of Jan. 1.

Property sales added $69.6 billion to the total. The consumer price index adjustment mandated by Prop. 13 reached its full potential of 2%, adding another $34.2 billion, while new construction added $6.3 billion.

How cities fared

A breakout of L.A. County cities shows Irwindale posted the biggest year-over-year growth in total taxable property value, rising 19.6% to $3.29 billion this year from $2.75 billion in 2021.

Taxable property included 369 single-family homes, 20 apartment complexes and 623 commercial or industrial properties.

Carson ranked second with a 16.8% increase, boosting its total to $19.65 billion from $16.82 billion. The taxable properties include 21,012 single-family homes, 632 apartment communities and 3,060 commercial and industrial properties.

Other cities that saw significant annual increases included Hidden Hills (11.5%), Culver City (11.4%), Whittier (10.6%), Pomona (9.8%), Huntington Park (9.7%), Malibu (9.6%) and Lancaster (9%).

Los Angeles — far and away the county’s largest city — saw its total taxable property value rise 7% to $774.38 billion from $723.69 billion. That included 616,925 single-family homes, 112,081 apartment complexes and 64,226 commercial or industrial properties.

Arcadia and Cerritos saw the smallest annual increase, with total assessed property values in both cities rising 4%.

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