LOS ANGELES (CNS) - This year's assessment of property values in Los Angeles County is expected to rise by 5% over last year, reaching nearly $2 trillion, according to a forecast released Tuesday by county Assessor Jeff Prang.
"It has been a challenging couple of years as the local and national economies respond to a variety of factors, including COVID," Prang said in a statement. "But our analysis indicates property value growth for the 13th consecutive year. This is good news for property owners and for local government, which depends on property taxes to pay for vital public services. However, the real estate market in 2022 began more robustly than it ended, and the sluggish market is likely to continue through this year."
The 2022 assessed valuation of properties in the county was $1.89 trillion, up nearly 7% from the previous year. The 2023 tax roll assessment will be completed in July.
According to Prang's office, the nearly $2 trillion assessment would translate into about $20 billion in property tax money to fund county services.