LOS ANGELES (CNS) - The value of all assessed properties in Los Angeles County jumped by a record 6.95% this year, reaching a combined value of $1.89 trillion, the county Assessor's Office announced Tuesday.
It's the 12 consecutive year of increases in the tax roll, with this year's total up $122 billion from last year's overall assessment of $1.76 trillion.
"I am pleased to report the 6.95% increase in assessed property values in Los Angeles County shows we are slowly emerging from the pandemic that has been with us for the past two years," Assessor Jeff Prang said in a statement. "Although the housing market is showing signs of leveling off now, it had been robust with low interest rates, inflation, and a high demand during the COVID restrictions."
The county's property valuation translates to about $19 billion in property tax dollars to fund public education, first responders, public health and other county, municipal and public education services.
Property sales contributed $69.6 billion to the Assessment Roll, new construction added $6.3 billion and the Consumer Price Index adjustment mandated by Proposition 13 added $34.2 billion.
The assessment includes 2.59 million real estate parcels and business assessments, including 1.89 million single-family homes, 250,000 apartment complexes, 248,000 business property assessments and 165,000 business property assessments.