Los Angeles County Assessor Jeff Prang certified the 2022 Assessment Roll, reflecting economic growth for the 12th consecutive year with the increase in assessed value of all taxable property countywide.
The 2022 Assessment Roll grew by a record $122 billion, or 6.95%, over the prior year to a $1.89 trillion in total net value. The total net value translates to nearly $19 billion in property tax dollars for public services such as public education, infrastructure, first responders and health care workers, as well as other services.
“I am pleased to report the 6.95% increase in assessed property values in Los Angeles County shows we are slowly emerging from the pandemic that has been with us for the past two years,” Prang said. “Although the housing market is showing signs of leveling off now, it had been robust with low interest rates, inflation and a high demand during the COVID restrictions.”
The roll is the inventory for all taxable property in the county and, as such, can provide some insight into the health of the real estate market. Assessments are based on the value of property as of the lien date of Jan. 1, 2022.
The roll is also driven in large measure by real property sales, which added $69.6 billion to the roll; the Consumer Price Index adjustment mandated by Proposition 13 reached its full potential of 2%, adding an additional $34.2 billion; and new construction added $6.3 billion.
“As I said when I released the May forecast, the growth in the single-family residential market was set to produce a record-breaking increase in transfer assessments and it did, adding $69.6 billion,” Prang said. “However, lingering economic distress, the continued concerns of COVID-19 variants and evolving business trends have resulted in numerous challenges for the county. As always, however, we pulled together and have produced a thorough, accurate, and fair roll in a timely manner.”
Prang also reminded residents that the growth does not mean property owners will be subject to a corresponding increase on their annual property tax bills. Most property owners will see only a 2% adjustment prescribed by Prop. 13.
The 2022 Assessment Roll comprises 2,589,521 million real estate parcels and business assessments, including 1,889,000 single-family homes, 250,000 apartment complexes, 248,000 commercial and industrial properties and more than 165,000 business property assessments.
Prang was first elected in 2014 and re-elected in 2018 and 2022. He runs the largest office of its kind in the nation, employing more than 1,200 people with an annual budget cresting near $200 million.