Property Tax

Los Angeles County Assessment Roll Grows 6.95 Percent

property tax

Los Angeles County’s property tax revenue will grow significantly this year, as the county assessment roll grew by a record $122 billion (6.95 percent) during the past year, Assessor Jeff Prang announced July 26.

This marks the 12th consecutive year with the increase in assessed value of all taxable property countywide, Prang noted.

The increase brings the roll to $1.89 trillion in total net value.

“The total net value translates to nearly $19 billion in property tax dollars for vital public services such as public education, infrastructure, first responders, and healthcare workers as well as other services,” the Assessor’s Office noted in a news release.

“I am pleased to report the 6.95 percent increase in assessed property values in Los Angeles County shows we are slowly emerging from the pandemic that has been with us for the past two years,” Prang said. “Although the housing market is showing signs of leveling off now, it had been robust with low interest rates, inflation and a high demand during the COVID restrictions.”

Change-in-ownership reassessments added $69.6 billion to the roll, the inflation adjustment (at the 2 percent maximum allowed under Proposition 13) added $34.2 billion, and new construction added $6.3 billion, the assessor said.

The county’s 2022 assessment roll includes 2,589,521 real estate parcels and business assessments, including 1,889,000 single-family homes, 250,000 apartment complexes, 248,000 commercial and industrial properties, and more than 165,000 business property assessments.

The assessment roll growth was nearly 1 percentage point higher than the 6 percent projected by the assessor in May as part of the county’s budget process.

Other assessors also submitted their assessment rolls in recent weeks:

  • Marin County Assessor-Recorder-County Clerk Shelly Scott reported a 6.55 percent increase in the value of the county’s assessment roll.
  • Riverside County Assessor Peter Aldana reported growth of 9.26 percent, reaching a net total of $369 billion in taxable property in his county.

As CalTax previously reported, all of the counties that have reported data so far this year have experienced growth in their assessment rolls.

Counties covered in previous issues of the CalTaxletter: Amador County, 7.03 percent; Butte County, 6.93 percent; Contra Costa County, 7.79 percent; Humboldt County, 4.73 percent; Imperial County, 5.6 percent; Mendocino County, 2.41 percent; Modoc County, 4.6 percent; Napa County, 7.12 percent; Orange County, 6.37 percent increase; Placer County, 9.2 percent; Sacramento County, 8 percent; San Bernardino County, 9.3 percent; San Mateo County, 8.34 percent; Santa Clara County, 7.46 percent; Santa Cruz County, 6.33 percent; Sierra County, 6.37 percent; Stanislaus County, 6.82 percent; Ventura County, 7.3 percent; and Yolo County, 7.23 percent.

July 1 was the deadline for assessors to submit their assessment rolls, but many received 30-day extensions and have not yet announced the data to the public.