The assessed value of properties in Los Angeles County jumped by 6.04 percent over the past year, marking the seventh consecutive annual increase and reaching a new record high, according to newly released figures from the assessor’s office.
“Funding for vital public services and our schools begins with the assessment roll that we are presenting today,” Assessor Jeffrey Prang said. “The work that we do in the assessor’s office provides the foundation for the property tax system that results in funding for critical local government services such as education, public safety, healthcare and infrastructure improvements.”
The net value of all assessed properties in the county is $1.42 trillion, $80.6 billion greater than in 2016.
“The 2017 Assessment Roll provides a comprehensive view of the strength of the Los Angeles real estate market,” Prang said Thursday. “The roll reveals that in the last year, every city in Los Angeles County recorded an increase compared to 2016.”
From 2007 through 2010, the economic recession caused a decline in real estate values. Between 2011 and 2016, the improving economy resulted in consecutive increases in the assessment roll of 1.36 percent, 2.20 percent, 4.66 percent, 5.47 percent, 6.13 percent, and 5.58 percent before this year.
–City News Service