LA COUNTY PROPERTY VALUES OVER $2 TRILLION
Record Breaking Net Total Value Leads 14th Year of Growth
LOS ANGELES, CA – Los Angeles County Assessor Jeff Prang announced the 2024 Assessment Roll has increased by $97 billion or 4.85% over last year, marking 14 years of continuous growth, as well as breaking for the first time the $2 trillion ceiling in net total value.
The 2024 Assessment Roll’s growth translates to a record $2.094 trillion in total net value that will put more than $20 billion property tax dollars towards public services such as public education, first responders and healthcare workers, as well as other County services.
The Assessor establishes the assessed value of all taxable property in Los Angeles County each year as required by the State Constitution. The assessed value of that property is placed on a list called the Assessment Roll and assessments are based on the value of property on January 1, 2024.
“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,” Assessor Prang said. “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.”
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.
To access the 2024 Assessment Roll, go to: https://assessor.lacounty.
Although sales volume declined significantly compared to 2022, home prices remained strong through 2023, with the median single-family home value reaching as high as $900,000 in September. Property transfers (i.e., sales) are the largest contributor to the 2024 Assessment Roll, adding more than $53 billion.
The inflation adjustment mandated under Proposition 13 is the second most significant factor contributing to the Assessment Roll. This year the California Consumer Price Index trended well beyond the full 2% allowable. This resulted in a $39 billion increase to the 2024 Assessment Roll.
Newly certified appraisers focused much of their effort on new construction, resulting in relatively strong growth for this component compared to recent years. Major construction projects such as the Intuit Dome in the City of Inglewood also contributed significant value. New construction added nearly $9 billion to the 2024 Assessment Roll.
In fact, the City of Inglewood had the highest growth rate of the 88 cities in Los Angeles County with a 20.2% increase over 2023.
However, 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 Proposition 13.
The 2024 Assessment Roll consists of 2,395,924 taxable real property parcels, 163,565 business property assessments, 32,685 boats, and 3,033 aircraft.
