By Jeff Prang
Los Angeles County Assessor
It’s that time of year again that my office undertakes its most important function of the fiscal year that lays the groundwork for the very property taxes that pay for our vital public services: The Assessment Roll. In fact, it’s a Constitutional mandate.
The Roll for 2022 has been closed as of June 30 and it reflects growth for Long Beach as well as the rest of the county.
First off, let me say 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, like healthcare, police, fire, schools and even librarians, to name just a few. As I mentioned,I am constitutionally mandated to close the Roll by the end of the fiscal year on June 30. As a point of reference, my fiscal year runs from July 1 to June 30.
I am pleased to announce that the 2022 assessment roll has a total net value of $1.89 trillion, indicating the 12th year of consecutive growth. The 2022 Roll also grew by $122.38 billion (or 6.9%) over 2021. That value places nearly $19 billion to be used for those public services I just mentioned.
Locally, Long Beach for 2022 came in at $70.03 billion for taxable values, which is a 6.6% increase over last year’s numbers. That includes 79,821 single-family homes, 17,416 apartment complexes, 10,910 commercial-industrial parcels for a grand total of 108,147 taxable properties.
Yes, it’s a solid growth at $70.03 billion.
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 1.89 million single-family homes, 250,000 apartment complexes, 248,000 commercial and industrial properties and more than 165,000 business property assessments.
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. The Roll is also driven in large measure by real property sales, which added $69.6 billion to the Roll as compared with 2021; the CPI adjustment mandated by Prop. 13, which this year came in at 2%, added an additional $34.2 billion; and new construction added $6.3 billion.
Finally, as we move forward during this critical period, I wish for everybody to stay safe and healthy. This is a tumultuous time in our history. No question about that, but to repeat what has been said so many times before during emergencies that demand the best from us, this could be our finest hour.