• 0
  • Home
  • About Us
  • What We Do

Shopping Cart

GPAM
  • Home
  • About Us
  • What We Do

Assessor: LA County property value hits record $1.9T

Los Angeles County Assessor Jeff Prang (Los Angeles County Office of the Assessor, Getty Images)
Los Angeles County Assessor Jeff Prang (Los Angeles County Office of the Assessor, Getty Images)

The value of Los Angeles County properties has reached a record close to $1.9 trillion.

The county’s total assessed property value for 2022 grew by a record $122 billion to $1.89 trillion, the San Gabriel Valley Tribune reported. The increase doubled last year’s growth of $63 billion.

The nearly 7 percent boost marks the 12th consecutive annual increase. The total value translates to nearly $19 billion in local property tax dollars, county officials said in a new report.

This year’s assessment includes the taxable value of nearly 1.9 million single-family homes, 250,347 apartment complexes and 248,309 commercial and industrial properties.

The growth doesn’t mean property owners will be subject to a corresponding increase on their annual property tax bills, L.A. County Assessor Jeff Prang said.

Most residents, he said, will see a 2 percent adjustment as directed by Proposition 13, the 44-year-old state initiative that caps local governments’ ability to raise property taxes.

The increase shows the county is “slowly emerging” from the economic impact from the two-year-old pandemic, Prang said.

While a soaring housing market shows signs of cooling, it has managed to remain robust.

“However, lingering economic distress, the continued concerns of COVID-19 variants and evolving business trends have resulted in numerous challenges for the county,” Prang said in a statement.

The assessment roll includes the inventory for all taxable properties in the county. Assessments are based on the value of a property as of the lien date of Jan. 1.

Property sales, which trigger an adjustment of a property’s assessment to market value, added $69.6 billion to the total assessed value. The consumer price index adjustment mandated by Prop. 13 reached its full potential of 2 percent, adding another $34.2 billion, while new construction added $6.3 billion.

Irwindale posted the biggest year-over-year growth in total taxable property value, rising 19.6 percent to $3.29 billion this year from $2.75 billion in 2021. Carson ranked second with a 16.8 percent increase, boosting its total to $19.65 billion.

The annual property value rose 11.5 percent in Hidden Hills, 11.4 percent in Culver City, 10.6 percent in Whittier, 9.8 percent in Pomona, 9.7 percent in Huntington Park, 9.6 percent in Malibu and 9 percent in Lancaster.

Arcadia and Cerritos saw the smallest annual increase, each rising 4 percent.

– Dana Bartholomew

[contact-form-7 404 "Not Found"]
Read more
  • Despite pandemic, LA County property values rise by $63B
  • LA County properties valued at nearly $2 trillion…before pandemic
  • Empty boxes: As remote work endures, many office buildings are losing value

The post Assessor: LA County property value hits record $1.9T appeared first on The Real Deal Los Angeles.

Powered by WPeMatico

  • 02 August 2022
  • The Real Deal
  • Uncategorized
  •  Like
Newly approved Sunset Boulevard megaproject up for sale →← Will Cecil Hotel’s troubled history end in full occupancy?
  • Recent Posts

    • SoCal resi market sees wave of deal cancellations continue July 2, 2025
    • Related, Newland acquire former Forever 21 HQ in $120M deal July 2, 2025
    • LA office availability increases “amidst uncertainty over industry consolidation” July 2, 2025
    • California legislature overhauls CEQA to pave way for construction boom July 1, 2025
    • Trousdale Estates nabs neighborhood’s priciest trade this year with $32M close July 1, 2025
  • Recent Comments

    • Archives

      • July 2025
      • June 2025
      • May 2025
      • April 2025
      • March 2025
      • February 2025
      • January 2025
      • December 2024
      • November 2024
      • October 2024
      • September 2024
      • August 2024
      • July 2024
      • June 2024
      • May 2024
      • April 2024
      • March 2024
      • February 2024
      • January 2024
      • December 2023
      • February 2023
      • January 2023
      • December 2022
      • November 2022
      • October 2022
      • September 2022
      • August 2022
      • July 2022
      • June 2022
      • May 2022
      • April 2022
      • March 2022
      • February 2022
      • January 2022
      • December 2021
      • November 2021
      • October 2021
      • September 2021
      • August 2021
      • July 2021
      • June 2021
      • May 2021
      • April 2021
      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018
      • October 2018
      • September 2018
      • August 2018
      • July 2018
      • June 2018
      • May 2018
      • April 2018
      • March 2018
      • February 2018
      • January 2018
      • December 2017
    • Global Property and Asset Mangement, Inc.
      137 North Larchmont
      Los Angeles, California 90010
      +1 213-427-1127

    © 2025 GPAM