The assessed values of properties in Los Angeles County dropped for the second year in a row, falling about $19 billion to just over $1 trillion, county Assessor Robert Quon said Tuesday.
The further reduction in overall assessed value should give additional property tax breaks to many homeowners, especially those who bought at the peak of the real estate market in 2007. Specific information on property taxes was due out later this month or next as the assessor’s office analyzes the numbers.
The overall decline in assessed valuation, which impacts the amount of revenue schools and other government agencies receive, means most areas of the county will see less revenue. Other areas, like Pasadena and San Gabriel, will see an increase in revenue based on the increased assessments there.
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