According to the Los Angeles County’s Assessor’s Office, the assessed value of all taxable property in the county jumped by 6.03 percent in 2017, which was slightly higher than last year. The construction and real estate market boom means that property taxes will rise again in L.A. County. The net value of the county’s 2.4 million properties totaled $1.4 trillion, an increase of almost $81 billion compared to 2016. Los Angeles County Assessor Jeffrey Prang stated,
The good news is we’ve had 7 years of growth which means that property tax values are growing at a good rate. As an economic indicator this demonstrates that Los Angeles is very strong in residential and commercial properties and people are buying here. The bad news is for those looking to buy a home or invest in property, prices are going up
Due to Proposition 13, which was passed by California voters in 1978, the assessed value of a property cannot increase by more than 2 percent unless the property is sold. The majority of residential property owners in L.A. County will see about a 1.77 percent increase in the value of their homes. The taxes collected are disbursed and used to fund things such as public safety and schools, among other things. Prang also stated that L.A. County has almost 2.4 million taxable real estate property parcels in addition to 172,000 business properties, 26,300 boats, and around 3,000 aircrafts. This property tax increase will be sure to anger many Los Angeles County residents that feel that they already taxed too much.