LOS ANGELES (CNS) - The strength of the real estate market and new construction elevated Los Angeles County property values to an all-time high of $1.6 trillion in this tax year, Assessor Jeff Prang announced today.
The 2019 tax assessment roll grew by a record $94.4 billion, or 6.25 percent over the prior year, representing record highs in real estate and business property values across the county, according to Prang.
He said new records also include total tax savings for homeowners and charitable organizations, and $84.8 billion in assessed business property -- boats, aircraft, machinery and equipment -- representing a $3.9 billion uptick from 2018.
“The strong growth in the local real estate market for the ninth consecutive year will have a positive impact on services for L.A. County's 10 million residents,” the assessor said in a statement released this morning. “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.”
Just over half the growth came from the reassessment of properties that were sold. Proposition 13, the 1978 property tax reduction initiative, allows properties to be reassessed at their sale price when they change hands.
Other properties can be reassessed 2% a maximum. About 10% of properties were subject to more than the 2% boost, Prang said.
The increases added about $27.7 billion in new value, about 30% of the total increase.
New construction added an additional $11.1 billion, Prang reported.
The largest single reassessment was for the NFL stadium being built on the site of the former Hollywood Park racetrack in Inglewood. The $1.954 billion added for the portion of the project completed through June 30 boosted that city's overall tax base 25.7%, by far the highest percentage increase in the county.
The change will provide an additional $276,000 to the city, $463,000 to the Inglewood Unified School District and $580,000 to the county, according to the assessor.
Other cities with the greatest percentage growth were Vernon (13.2%), West Hollywood (11.6%) and Santa Fe Springs (9.3%).
The cities with the greatest amount of growth were Los Angeles, which added $41.7 billion in value -- including $200 million from the Banc of California stadium; followed by Long Beach ($3.1 billion), Santa Clarita ($2.5 billion) and Inglewood ($2.4 billion).
The cities with the highest total assessed values were Los Angeles at $652.9 billion, Long Beach at $60.2 billion, Santa Monica at $39.5 billion and Beverly Hills at $36.6 billion, according to assessor's office data.
Prang noted that owners of 1,328 properties that were severely damaged or destroyed in the Woolsey fire received tax relief totaling $684.8 million in property value, which will held them to rebuild.
A listing of assessments and parcel counts by city can be found at assessor.lacounty.gov/news.
For additional information, visit opendata.lacounty.gov or call 213- 974-3101.
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