Assessed property valuations in Los Angeles County grew 6.3% last year to a records $1.6 trillion, led by construction for the National Football League stadium in Inglewood, the county assessor’s office reported July 15.
The annual assessment roll grew by $94 billion, marking the ninth consecutive year of growth. But the rate of growth slowed from 6.6% in 2017, reflecting a slight slowdown in construction and a more pronounced slowdown in the number of existing home sales, with properties sitting on the for-sale market for longer periods of time, according to Assessor Jeffrey Prang.
“Despite this slowdown in activity, the growth number is still respectable, and it’s because larger items are coming onto the roll,” Prang said.
The largest item of all was nearly $1.96 billion added for construction of the Los Angeles Stadium & Entertainment District at Hollywood Park in Inglewood, owned by Kroenke Sports & Entertainment and Hollywood Park Land Co. The stadium will be home to both the Los Angeles Rams and Los Angeles Chargers NFL teams.
Although construction of the stadium is not slated for completion until late next year, Prang said the bulk of the stadium’s value was placed on the 2019 assessment roll taken Jan. 1 because the impact is already being felt with higher property values in the surrounding area. The nearly $2 billion in valuation growth caused the assessed valuation for Inglewood to surge nearly 26% for 2019, making Inglewood by far the biggest gainer.
Other large projects added to the assessment roll for 2019 include: $605 million for Miami-based developer Crescent Heights Inc.’s 10000 Santa Monica Blvd. residential tower, completed in early 2017; $310 million for completion of Indianapolis-based Maefield Development’s Sunset Millennium project in West Hollywood and $200 million in new value added to the Los Angeles Football Club’s Banc of California Stadium project in Exposition Park.
Sales and construction of industrial and logistics warehouses were a major factor driving assessment valuation growth in several other cities including Bell, Paramount, Santa Fe Springs and Vernon, Prang said.
The 2019 assessment roll comprises 2.57 million real estate parcels and business assessments throughout Los Angeles County, including 1.88 million single-family homes, roughly 250,000 apartment complexes and another 250,000 commercial and industrial properties, as well as more than 200,000 business property assessments (including aircraft, boats, business fixtures and inventory).
