Thursday, July 27, 2023

L.A.County Property Assessment Reaches Nearly $2 Trillion

CITY NEWS SERVICE

Confirming an earlier forecast, this year’s assessment of property values in Los Angeles County rose by 6% over last year, reaching nearly $2 trillion, county Assessor Jeff Prang announced Thursday.

According to the Assessor’s Office, the total assessment came in at a record $1.997 trillion, translating to roughly $20 billion in property tax dollars that will fund “vital public services such as public education, first responders and health care workers, as well as other county services.”

The Assessor’s Office noted that the housing market overall has cooled since 2021, but median residential prices still reached a record high of more than $900,000 before falling to $865,000 in June.

“To say this has been a challenging couple of years is an understatement,” Prang said in a statement. “Our analysis does indicate property value growth at this time and that’s certainly good news for property owners and for local governments, which depend on property taxes to fund public services. 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.”

The 2022 assessed valuation of properties in the county was $1.89 trillion, up nearly 7% from the previous year.