Los Angeles County Property Values Reach $2 Trillion Over 13 Years
Los Angeles County’s property net worth surged by 5.91% this year, reaching nearly $2 trillion, marking the 13th consecutive annual increase in taxable property value, as revealed by the Los Angeles County Assessor’s 2023 Annual Report. The estimated property tax revenue of $20 billion aims to support vital public services such as education and healthcare.
Eric Heikkila, a professor at USC Price School of Public Policy, highlighted the significant reliance of local governments on property taxes to fund essential services. Property tax increases, standard at 2% due to Proposition 13’s constraints since 1978, contribute additional revenue unless properties underwent reassessment due to new construction or other factors.
Los Angeles holds the highest property valuation at $819.7 billion among cities in the county, with Long Beach, Santa Monica, and Beverly Hills following at $74.8 billion, $49 billion, and $45 billion, respectively. Bradbury remains the only city below the $1 billion mark, a small town nestled at the San Gabriel Mountains’ base.
County Assessor Jeff Prang acknowledged the positive property value growth while cautioning about the market’s recent sluggishness, emphasizing uncertainties about its continuity in the upcoming year. The median listing price for homes in Los Angeles County hit $995,000 in October, showing a 15% surge from the previous year, while the median sold price stood at $868,500, as per Realtor.com data.
