L.A. County’s total assessed property values rose 6 percent over the past year to a record $1.47 trillion, marking the seventh consecutive year of property value growth, County Assessor Jeffrey Prang announced late Thursday.
Property sales accounted for roughly half of the growth. Other factors included: new construction; the annual increases of up to 2 percent for properties that did not change hands; and restorations of assessed values where declines in value were requested and recorded during the recession.
“This 6.04 percent net increase over last year reflects the continuing strength of the real estate market and high demand for new multi-family residential properties in the Los Angeles County area,” Prang said in a statement accompanying the release of the annual assessment roll.
Prang and his staff reviewed the assessed values of over 2.3 million real estate parcels, 170,000 business/personal property assessments, 26,000 boats and 3,000 aircraft.
The assessments are used as the base to calculate how much is collected in property taxes. Those taxes, along with various fees and assessments added by government agencies and voter-approved spending measures, are then disbursed to more than 900 local taxing agencies in the county, including the county itself, the 88 cities within the county, dozens of school districts and hundreds of other special districts.
Public policy and energy reporter Howard Fine can be reached at email@example.com. Follow him on Twitter @howardafine.