Economic update for the month ending September 30, 2022Stock markets suffered their worst monthly losses since the announcement of the pandemic shutdowns- September marked the worst month for the
Aug 3 2022 38376 2
Dated: August 3 2022
LA COUNTY PROPERTY VALUED AT $1.89 TRILLION FOR 2022
Reflects Post-COVID Market Conditions: Record $122 billion add
LOS ANGELES, CA– Los Angeles County Assessor JeffPrang certified the 2022 Assessment Roll, reflecting economic growth for the 12th-consecutive year with the increase in assessed value of all taxable property countywide.
The 2022 Assessment Roll (Roll) grew by a record $122 billion, (or 6.95%), over the prior year to a $1.89 trillion in total net value. The total net value translates to nearly $19 billion in property tax dollars for vital public services such as public education, infrastructure, first responders, and healthcare workers as well as other services.
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. 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 Roll is the inventory for all taxable property in the County and, as such, can provide some insight into the health of the real estate market. Assessments are based on the value of property as of the lien date of January 1, 2022.
The Roll is also driven in large measure by real property sales, which added $69.6 billion to the Roll; the CPI adjustment mandated by Proposition13 reached its full potential of 2%, adding an additional $34.2 billion; and new construction added $6.3 billion.
The growth in the single-family residential market was set to produce a record-breaking increase in transfer assessments and it did, adding $69.6 billion,” Assessor Prang said. However, lingering economic distress, the continued concerns of COVID-19 variants and evolving business trends have resulted in numerous challenges for the County.
Assessor Prang also reminded residents that the growth does not mean property owners will be subject to a corresponding increase on their annual property tax bills. Most property owners will see only a 2% adjustment prescribed by Prop. 13. Remember that Prop. 19 allow a home owner to transfer their property tax base to a new acquired home anywhere in the state of California.
The 2022 Assessment Roll comprises 2,589,521 million real estate parcels and business assessments, including 1,889,000 single-family homes, 250,000 apartment complexes, 248,000 commercial and industrial properties and more than 165,000 business property assessments. No wonder we have a surplus of funds in California. I hope the Governor spends it wisely!