The value of real estate in Los Angeles County continues to rise, according to the 2021 Assessment Roll, which grew for the 11th straight year.
The Assessment Roll looks at all taxable property in the county as of Jan. 1.
In 2021 the roll grew by $62.9 billion to $1.76 trillion. That amounts to $17 billion in property tax dollars. The money, according to the assessor’s office, will be used for public education, first responders, public health and other services.
“I am pleased to report that the 3.7% increase in assessed property values in Los Angeles County represents the 11th year of consecutive growth,” Assessor Jeff Prang said in a statement. “We continue to improve our ability to produce a fair, accurate, and timely Assessment Roll, which is aided in large measure by new, enhanced technology.”
There was, however, a reduction of $5.5 billion in business personal property, which includes machinery, boats and aircraft.
Real property sales, meanwhile, added $44.9 billion to the roll, while a Prop. 13 mandated Consumer Price Index adjustment added $16.4 billion and new construction added $8.8 billion.
“Although the 2021 Assessment Roll reflects growth, which is good news, other factors are now indicating the exact nature of the economic slow-down caused by the COVID-19 pandemic,” Prang said in a statement.
“The mixed implications of this past year will be felt for some time to come. Just as an example, the housing market experienced robust growth during the pandemic while small businesses were hit hard along with hotels, refineries, and airlines,” he added.
