LOS ANGELES — Los Angeles County Assessor Jeff Prang announced Aug. 4, his office has laid the groundwork for the property taxes that pay for L.A. County vital public services: The Assessment Roll.
The Roll for 2020 has been closed and it reflects solid growth for Long Beach and the rest of the County. However, the Roll is pre-COVID, which will be explained.
First, this comprehensive tally values more than 2.5 million real estate parcels in Los Angeles County and results in the very tax dollars that goes to pay for vital public services, such as healthcare, police, fire, schools, and even librarians, to name just a few. Prang is constitutionally mandated to close the role by the end of the Fiscal Year on June 30.
The 2020 Assessment Roll has a total net value of $1.7 trillion, indicating the 10th year of consecutive growth. That value places $17 billion in the hands of the county to be used for those public services just mentioned. This year the Roll has an added dynamic, however, the COVID-19 pandemic.
Locally, Long Beach for 2020 came in at $63.4 billion for taxable values, which is a 5.4% increase over last year’s numbers. That includes 79,831 single-family homes, 17,396 apartment complexes, 9,563 commercial-industrial parcels for a grand total of 106,790 taxable properties.
Growth is steady in Long Beach. That $63.4 billion translates into about $630 million for vital public services such as public safety, healthcare and public education for Long Beach.
However, these figures are pre-COVID.
To explain: assessments are based on the value of property as of the lien date of January 1, 2020, which was a couple of months prior to the outbreak of COVID-19. Next year’s lien date of Jan. 1, 2021, will tell a different story.
The pandemic has devastated the economy to levels only seen during the Great Depression. The reduction in sales tax revenue, housing market slow down and high unemployment is going to most likely have an adverse effect on the economy.
Some basics: The Roll, as it is known, contains the assessed value of all real estate and business personal property in the County’s 88 cities along with the unincorporated areas. It also breaks down the number of single-family residential homes, apartments and commercial-industrial parcels.
This year’s Roll comprises 2.58 million real estate parcels as well as business assessments countywide. That includes 1,882,121 single-family homes, 250,089 apartment complexes, 247,562 commercial and industrial properties and more than 205,000 business property assessments.
The 2020 Roll also grew by $95.9 billion (or 5.97%) over 2019. In addition to the values of the county’s 2.38 million real estate parcels, this total amount reflects $87.91 billion in business personal property, which includes boats, machinery, equipment and aircraft.
Since the Roll is the inventory for all taxable property in the county, it can provide some insight into the health of the real estate market. Although there was a slowdown in sales, there was continued growth in property values. The Roll is also driven in large measure by real property sales, which added $49.6 billion to the Roll as compared with 2019; the CPI adjustment mandated by Prop. 13, adding an additional $30.8 billion; and new construction added $13.4 Billion.