Los Angeles County Assessor Jeff Prang has certified the 2021 property tax assessment roll, which represents growth for the 11th consecutive year in real estate and business property values across Los Angeles County, including Santa Clarita
The tax roll grew by a record 62.9 billion (or 3.7 percent) higher than 2020 to $1.76 trillion in total net value, according to Prang.
“I am pleased to report that the 3.7 percent increase in assessed property values in Los Angeles County represents the 11th year of consecutive growth,” Prang said. “We continue to improve our ability to produce a fair, accurate, and timely Assessment Roll, which is aided in large measure by new, enhanced technology.”
In the City of Santa Clarita, property values increased by approximately $1.17 billion, or 3.1 percent.
According to the report, in addition to the values of L.A. County’s 2.38 million real estate parcels, this total amount includes $84.8 billion in business property (e.g. boats, aircraft, machinery, equipment), which fell by $5.5 billion from 2020.
The reduction reflects the impact of the COVID-19 pandemic on the local economy, according to officials. To recognize the impact specifically on small businesses, about 73,000 personal property assessments were proactively reduced in the hardest-hit areas.
Other examples include commercial aircraft as air travel was severely restricted, resulting in reduced aircraft assessments. Additionally, daily commuting and other travel declined due to stay-at-home orders, resulting in reduced fuel demand, which in turn led to reduced fuel prices. Consequently, several major refineries saw a decrease in net cash flow and a commensurate reduction in fixture value.
The $1.76 trillion total net value translates into about $17 billion in property tax dollars that is set to be allocated to vital public services such as public education, first responders, and public health, as well as other County, municipal and public education services.
The Roll is the inventory for all taxable property in the County and, as such, provides some insight into the health of the real estate market. Assessments are based on the value of property as of the lien date of January 1, 2021.
The Roll is also driven in large measure by real property sales, which added $44.9 billion to the Roll; the CPI adjustment mandated by Prop. 13, adding an additional $16.4 billion; and new construction added $8.8 billion.
“Although the 2021 Assessment Roll reflects growth, which is good news, other factors are now indicating the exact nature of the economic slow-down caused by the COVID-19 pandemic,” Prang said. “The mixed implications of this past year will be felt for some time to come. 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.”
COVID-19 also presented unanticipated obstacles to produce this year’s 2021 Roll, especially with the closure of County facilities to the public.
“Most of my 1,300 employees were teleworking while county facilities were closed to the public,” Assessor Prang said. “This past year has been beyond a challenge but we pulled together and have produced a thorough, accurate, and fair Roll in a timely manner.”
Assessor Prang also reminded residents that the growth does not mean property owners would be subject to a corresponding increase on their annual property tax bills.
Nearly 9 out of 10 property owners are expected to see only the modest 1.036 percent adjustment prescribed by Proposition 13.
The 2021 Assessment Roll comprises 2.58 million real estate parcels and business assessments, including 1,885,579 single-family homes, 250,190 apartment complexes, 248,293 commercial and industrial properties, and more than 161,488 business property assessments.
A full list growth and parcel count for cities and unincorporated areas is available here.
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