Combined, the assessed value of Los Angeles County’s commercial and residential properties was $1.7 trillion. But that was as of Jan. 1, well before the coronavirus upended the county, country and the world.
Newly-released data from the county assessor — as cited in the Los Angeles Business Journal — shows the total was nearly $96 billion over last year’s. The year-over-year increase beat the projection of 5.25 percent.
The coronavirus pandemic slammed into the real estate world, but it is still unclear to what extent it affected property values. That won’t be known until the next assessment roll is released next year.
L.A. County Assessor Jeffrey Prang said it was “still too early to tell how the pandemic will affect our economy.”
“But we already see early indications that our growth may be slowing next year,” he said, “especially for commercial and industrial properties.”
The 2020 assessment roll valued 2.58 million real estate parcels and businesses. That included 1.9 million single-family homes, around 250,000 multifamily properties, 247,500 commercial properties, and 205,000 business properties.
The $1.7 trillion assessment value translates to about $17 billion in tax revenue for the county. Sales tax revenue is expected to be dramatically lower this year than previous years, which could cause some budgetary headaches for the county and other jurisdictions, the Business Journal reported.
While the pandemic negatively impacted dealmaking, CBRE director Eric Willett said there were “signs of increased activity already.” [LABJ] — Dennis Lynch
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