Total LA County Property Value Ticks Up to $1.76T
The 2021 roll comprises 2.58 million real estate parcels
By Greg Cornfield July 19, 2021 11:15 am
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The overall cumulative property value in Los Angeles County showed gains for the 11th consecutive year in 2020, according to Assessor Jeff Prang’s yearly assessment, now up to $1.76 trillion in total net value.
The value of the inventory for all taxable property grew by $62.9 billion — or 3.7 percent. The $1.76 trillion total net value translates into about $17 billion in property tax dollars for the year. The assessment provides insight into the health of the real estate market. It is also driven in large measure by real property sales, which added $44.9 billion to the roll this year, while new construction added $8.8 billion.
The assessor’s 2021 roll comprises 2.58 million real estate parcels, including 1.9 million single-family homes, 250,190 apartment complexes, 248,293 commercial and industrial properties, and more than 161,488 business property assessments.
Although sales largely drive the assessment roll, growth was modest in 2020 compared to other years due to the economic downturn from the pandemic. L.A. County’s commercial investment sales were 45 percent lower in 2020 compared to the year prior, according to stats that CBRE released early this year, totaling just $14.1 billion.
“The mixed implications of this past year will be felt for some time to come,” Prang said. “Just as an example, the housing market experienced robust growth during the pandemic while small businesses were hit hard along with hotels, refineries and airlines.”
Prang also clarified that the growth does not mean property owners will be subject to an increase on their annual property tax bills.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
