LA County Property Assessment Expected to Top $2 Trillion

This year’s assessment of property values in Los Angeles County is expected to rise by 4.75% over 2023, breaking the $2 trillion threshold for the first time, county Assessor Jeff Prang announced Wednesday.

According to Prang’s office, the increase will mark the 14th consecutive year of growth in overall property value in the county.

“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.”

Prang’s office noted that the median sales price of homes in the county remained strong, reaching a high of $900,000. Property transfers were expected to be the largest contributor to the tax roll, adding more than $51 billion.

Last year’s assessment roll came in at $1.997 trillion. This year’s roll is estimated to come in at $2.09 trillion, which would translate into more than $20 billion in property tax dollars.

This year’s roll is expected to be finalized in July. Assessments are based on property values as of Jan. 1, 2024.