The 2018 Tax Assessment Roll has been certified by the Los Angeles County Assessor, according to a news release from the Assessor’s office.
The roll indicates growth in real estate and business property values and savings for homeowners, nonprofits and faith-based organizations.
The roll value of $1.57 trillion, gross, and the $80 billion in business property have set new highs for the county, as have the $59.8 billion tax-saving exemptions, according to the release.
“Los Angeles County’s economic base is strong and continues to be on an upswing,” said Jeff Prang, LA County Assessor. “The appreciation of real estate for the 8th consecutive year, coupled with optimism in the business sector, means additional resources will be available for education, public safety, firefighting efforts, health services, and transportation.”
The leading indicators in the roll’s increase are:
- Sales and other transfers of real estate, which added $47.6 billion as compared to 2017’s $43.5 billion.
- New construction, which added another $11 billion. The combination of these and other factors yielded a net increase of 6.62 percent – the greatest growth in values since prior to the 2008 recession.
The Assessor also emphasized that the average growth in assessed values across the county does not mean property owners will be subject to a corresponding increase of 6.62 percent on their property tax bills.
Existing homeowners will see only the two percent standard annual adjustment for inflation, because of protections set out by Prop. 13. Assessor Prang’s efforts to promote savings for seniors, veterans, disaster victims and homeowners has resulted in record-setting tax reductions, according to the release.
Over one million will claim the Homeowner Exemption this year and a record number of veterans will save through the Disabled Veteran Exemption which will total $7.74 billion to be exempt from taxation, saving $77 million.
Non-profit, community service and faith-based institutions will see $52 billion in exemptions, producing $521 million in savings.
Another indicator of the growing economy and business optimism is the $4.53 billion, 5.9 percent increase in business personal property. This reflects growth in investment in equipment and technology as well as marine vessels and aircraft. The resulting $80 billion in business property is another new high for Los Angeles County, according to the release from the Assessor’s office.
The 2018 Assessment Roll comprises 2.57 million real estate parcels and business assessments, including 1,875,00 single-family residences, 250,000 residential-income properties, 248,000 commercial/industrial properties and 205,000 business properties.
“I want to thank my team for their diligent efforts to ensure fair and accurate assessments, which serve as a foundation for vital local public services that will directly benefit Los Angeles County’s residents and businesses and improve quality of life in our neighborhoods,” Prang concluded in his announcement.