Continuing a years-long upward trend, the Los Angeles County Assessor’s Office Tuesday reported an all-time high $1.77 trillion valuation of property in the county, noting that assessments are based on pre-pandemic figures.
The $1.77 trillion tax roll is 5.97% increase from last year’s $1.6 trillion figure.
“It is important to remember that the 2020 Assessment Roll reflects a pre-COVID-19 market, as of the January 1, 2020, lien date,” Assessor Jeffrey Prang wrote in the Annual Report. “January 1, 2021, could tell a different story. Decline-in-value relief will likely be available for many property owners due to COVID-19’s impact on the market. That relief will become available following the January 2021 lien date.”
As the largest city in the county, Los Angeles topped the list of highest-valued cities, with an overall property evaluation of $695.9 billion, up 6.6% from the previous year. Long Beach placed second at $63.5 billion, followed by Santa Monica at $42.3 billion, Beverly Hills at $39 billion and Santa Clarita at $37.2 billion.
Inglewood — home to the glitzy new SoFi Stadium that plays home to the Rams and Chargers — had the greatest percentage increase in valuation, rising 13.6% to reach nearly $13.5 billion.
More than half the countywide growth came from the reassessment of properties that were sold. Proposition 13, the 1978 property tax reduction initiative, allows properties to be reassessed at their sale price when they change hands.
Other properties can be reassessed 2% a maximum. About 10% of properties were subject to more than the 2% boost, Prang said.
New construction added an additional $13.3 billion to the overall assessment, Prang reported.