According to a recent forecast by Los Angeles County Assessor Jeff Prang, the assessment of property values in the county is anticipated to increase by 5% compared to last year, reaching an approximate total of $2 trillion. Despite the challenges posed by various factors, including the ongoing impact of COVID on the local and national economies, Prang’s analysis shows that property values have continued to grow for the 13th consecutive year. This positive trend is beneficial for property owners and the local government, which heavily relies on property taxes to finance essential public services. However, the real estate market experienced a stronger start in 2022 than its conclusion, and this sluggishness is likely to persist throughout the current year.
In 2022, the assessed valuation of properties in Los Angeles County amounted to $1.89 trillion, representing a nearly 7% increase compared to the previous year. The assessment for the 2023 tax roll will be finalized in July.
As per Prang’s office, the estimated assessment of nearly $2 trillion would generate approximately $20 billion in property tax revenue to fund essential county services.