Property values in Los Angeles County rose by $97 billion, representing an increase of 4.85% compared to last year, and breaking the $2 trillion ceiling in net total value for the first time, it was announced Thursday.
County assessor Jeff Prang valuates the value of all taxable property in the county each year, as required by the State Constitution, which is then placed on a list, called the Assessment Roll.
Data from 2024 Assessment Roll's shows growth to a total record of $2.094 trillion in total net value that will put more than $20 billion property tax dollars toward public services, such as public education, first responders and healthcare workers, and other county programs, according to Pang.
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"As I said when I presented the forecast to the Board of Supervisors in May, this has been a challenging year highlighted by an economy in flux," Prang said in a statement. "However, property values, with a few exceptions, continue to grow.
"In fact, the Assessment Roll increased over the May forecast and that's good news for property owners, and for local schools and cities, because they rely on the subsequent property taxes for important public services," Prang added.
The 2024 Assessment Roll evaluates 2,395,924 taxable real property parcels, 163,565 business property assessments, 32,685 boats, and 3,033 aircraft, according to the assessor's office.
Additionally, the Assessment Roll provides insight into the state of the real estate market, as well as the local economy and works as a valuable tool for local governments as they prepare their annual budgets in anticipation of property tax revenues.
Sales volume declined significantly compared to 2022, however, home prices remained strong through 2023, with the median single-family home value reaching as high as $900,000 in September, Prang noted. Property transfers, or sales, are the largest contributor to the 2024 Assessment Roll, adding more than $53 billion.
Another significant factor is the inflation adjustment under Proposition 13, which requires assessment of each taxable property based on its fair market value and limits a property owner's general levy tax to 1 percent of the assessed value. This year, the California Consumer Price Index trended well beyond the full 2% allowable, resulting in a $39 billion increase.
Major construction projects, such as the Intuit Dome in Inglewood, also contributed to significant value, adding nearly $9 billion to this year's Assessment Roll. Inglewood had the highest growth rate of the 88 cities in the county with a 20.2% over 2023, according to the assessor's office.
Prang assured that growth does not mean property owners will see hikes on their annual property tax bills, as most property owners will only see a 2% adjustment under Proposition 13.
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