LOS ANGELES, CA — Angelenos are sitting on a record-setting $2 trillion in property, the 14th consecutive year of growth in property value, Los Angeles County Assessor Jeff Prang announced Wednesday.
Though sales are down, property values across Los Angeles County are expected to rise by 4.75% over 2023, according to Prang. Never before have county property values crossed the $2 trillion threshold. Last year, property values across the county were assessed at $1.997 trillion, and this year, they will reach and estimated $2.09 trillion, he added. That translates into more than $20 billion in property tax dollars.
“It has been a challenging few years as the local and national economies respond to a variety of factors, whether it be residential or commercial,” Prang said in a statement. “Our analysis indicates that property values are going to grow for the 14th consecutive year, which is good news for property owners and for local government because they rely on property taxes to pay for vital public services. However, sales volume declined significantly in 2023 and commercial properties, especially downtown Los Angeles, have actually experienced huge declines in value.”
Though fewer homes are changing hands, home prices keep climbing. The median sales price of homes in the county reached high of $900,000. Property transfers were expected to be the largest contributor to the tax roll, adding more than $51 billion.
This year’s roll is expected to be finalized in July. Assessments are based on property values as of Jan. 1, 2024.
City News Service and Patch Staffer Paige Austin contributed to this report.
