In another sign of L.A.’s continuing real estate boom, the total assessed value of real estate in Los Angeles County rose 6.6 percent this year to a record $1.57 trillion, according to an announcement late on July 27 from Los Angeles County Assessor Jeffrey Prang.

In his summary of the annual county assessment roll, Prang said the growth in the annual assessment roll was the greatest since before the Great Recession of 2008-09. He said real estate sales and transfers added $47.6 billion to the overall value of real estate in the county, while new construction added another $11 billion.

“Los Angeles County’s economic base is strong and continues to be on an upswing,” Prang said in his announcement. “The appreciation of real estate for the eighth consecutive year, coupled with optimism in the business sector, means additional resources will be available for education, public safety, firefighting efforts, health services, and transportation.”

Assessed valuation serves as the base on which property taxes are calculated. Under Proposition 13, the property tax is 1 percent of the assessed value in the year a property changes hands. After that, the property tax increases at a rate of 2 percent per year – until the next change in ownership.

Prang said business personal property (equipment and technology, excluding buildings) rose $4.53 billion, or 5.9 percent, to a record $80 billion.

Also, Prang said nonprofit, community service and faith-based institutions claimed a record $52 billion in exemptions.

The 2018 assessment roll comprises 2.57 million real estate parcels and business assessments, including 1,874,588 single-family residences, 249,660 residential-income properties, 248,198 commercial/industrial properties, and 205,204 business properties.

Economy, education, energy and transportation reporter Howard Fine can be reached at [email protected]. Follow him on Twitter @howardafine.