The 2019 Assessment Roll, which represents record growth and new all-time highs in real estate and business property values across LA County, has been certified by Los Angeles County Assessor Jeff Prang.
The total growth from 2018 to 2019 was 6.25 percent countywide, however, this does not mean a commensurate tax increase for property owners, and 90 percent of homeowners will see only the modest 2 percent adjustment prescribed by Proposition 13. The 6.25 percent growth reflects value added by sales, new construction, and the partial inflation adjustment, and brings the total net value of property to $1.6 trillion.
“The strong growth in the local real estate market for the ninth consecutive year will have a positive impact on services for LA County’s 10 million residents,” said Assessor Prang. “From education, healthcare, and mental health services, to public safety, transportation, and alleviating the homeless crisis, our schools, cities, and county programs will have approximately
an additional $1 billion for vital local public services.”
Among the greatest single additions to the roll are $1.95 billion for the partially-completed construction of the NFL stadium in Inglewood and $200 million for LAFC’s Banc of California stadium in Exposition Park. Other benchmarks set by the 2019 roll include the $620 million in tax savings for seniors, veterans, and charitable organizations.
Fire Victims Get Tax Relief
Among the benchmarks set by the 2019 roll is the total amount of $620 million in tax savings for
seniors, veterans, and charitable organizations. Additionally, to date, the owners of 1,328
properties that were severely damaged or destroyed by the Woolsey fire have received tax relief
totaling $684.8 million in property value, allowing them to rebuild their homes and their lives.
The 2019 Assessment Roll comprises 2.57 million real estate parcels and business assessments, including 1,878,470 single-family homes, 249,972 apartment complexes, 248,109 commercial and industrial properties, and more than 200,000 business property assessments. Below are additional highlights from the 2019 Assessment Roll:
Cities with the greatest percentage growth:
1. Inglewood 25.7%
2. Vernon 13.2%
3. West Hollywood 11.6%
4. Santa Fe Springs 9.3%
Cities with the greatest amount of growth:
1. Los Angeles $41.7 billion
2. Long Beach 3.1 billion
3. Santa Clarita 2.5 billion
4. Inglewood 2.4 billion
Cities with the highest total assessed values:
1. Los Angeles $652.9 billion
2. Long Beach 60.2 billion
3. Santa Monica 39.5 billion
4. Beverly Hills 36.6 billion
For more information, visit opendata.lacounty.gov or call (213) 974-3101.
Source: L.A. Assessor Office