Uptick of $122B marks 12th consecutive year of increases
The value of Los Angeles County properties has reached a record close to $1.9 trillion.
The county’s total assessed property value for 2022 grew by a record $122 billion to $1.89 trillion, the San Gabriel Valley Tribune reported. The increase doubled last year’s growth of $63 billion.
The nearly 7 percent boost marks the 12th consecutive annual increase. The total value translates to nearly $19 billion in local property tax dollars, county officials said in a new report.
This year’s assessment includes the taxable value of nearly 1.9 million single-family homes, 250,347 apartment complexes and 248,309 commercial and industrial properties.
The growth doesn’t mean property owners will be subject to a corresponding increase on their annual property tax bills, L.A. County Assessor Jeff Prang said.
Most residents, he said, will see a 2 percent adjustment as directed by Proposition 13, the 44-year-old state initiative that caps local governments’ ability to raise property taxes.
The increase shows the county is “slowly emerging” from the economic impact from the two-year-old pandemic, Prang said.
While a soaring housing market shows signs of cooling, it has managed to remain robust.
“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 properties in the county. Assessments are based on the value of a property as of the lien date of Jan. 1.
Property sales, which trigger an adjustment of a property’s assessment to market value, added $69.6 billion to the total assessed value. The consumer price index adjustment mandated by Prop. 13 reached its full potential of 2 percent, adding another $34.2 billion, while new construction added $6.3 billion.
Irwindale posted the biggest year-over-year growth in total taxable property value, rising 19.6 percent to $3.29 billion this year from $2.75 billion in 2021. Carson ranked second with a 16.8 percent increase, boosting its total to $19.65 billion.
The annual property value rose 11.5 percent in Hidden Hills, 11.4 percent in Culver City, 10.6 percent in Whittier, 9.8 percent in Pomona, 9.7 percent in Huntington Park, 9.6 percent in Malibu and 9 percent in Lancaster.
Arcadia and Cerritos saw the smallest annual increase, each rising 4 percent.
– Dana Bartholomew
Via The Real Deal