Count It Up: L.A.’s Property Values Climb to Near $2 Trillion, Assessor Reports
By Greg Cornfield December 1, 2023 5:00 pm
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Los Angeles County and its more than 4,000 square miles are home to nearly $2 trillion worth of residential and commercial real estate, according to Assessor Jeff Prang.
Prang’s office’s annual report released this week reported growth in the assessed value of taxable property for the 13th consecutive year. This year’s assessment found an annual increase of more than $111 billion — over 5.9 percent — bringing the net value of the county’s taxable property to $1.997 trillion. All 88 cities in the county recorded an increase in assessed valuation compared to 2022.
Of the 2.4 million parcels of land in the county, more than 250,500 are multifamily properties, 248,123 are commercial or industrial properties, and almost 1.9 million are single-family homes. Single-family residential accounts for $1.15 trillion, or 57 percent of the total value, while making up more than 79 percent of the total property inventory.
The commercial and industrial parcels are valued at $572 billion, garnering about 28.6 percent of the value, while making up just 10 percent of the total property stock. The 250,511 multifamily and residential income properties are valued at more than $279 billion — equal to 14 percent of the total value and accounting for the final 10 percent of the total parcels.
The property types’ shares of the total value have been slowly shifting toward single-family and away from commercial over the past 30 years: In 1985, commercial and multifamily accounted for nearly 53 percent of the county’s total property value as opposed to less than 43 percent today.
The assessor’s report counted 111,388 total parcels of land sold or transferred over the past year for $67.4 billion. That includes 83,737 parcels of single-family and condo transfers for more than $41 billion; 10,841 residential income properties for more than $11 billion; 6,006 parcels of commercial and industrial real estate for more than $12.4 billion; and 2.9 million “other” parcels for $10.8 billion.
The city of Los Angeles with 500 square miles has an assessed valuation of $819.6 billion, for a 5.9 percent increase. The city accounts for more than 36 percent of the total value for Los Angeles County.
The other cities in the top five are Long Beach with $74.8 billion for a 6.8 percent increase; Santa Monica with $48.9 billion for a 5.3 percent increase; Beverly Hills with $44.9 billion and another 5.3 percent increase; and Santa Clarita with $44.8 billion for a 8.5 percent increase.
The cities with the highest percentage change in their property’s assessed value are Irwindale at 10 percent and Cudahy and Burbank tied both with 9.7 percent increases.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
