L.A. County property values rise 6%

Photo by Pam Lane, DowneyDailyPhotos.com

LOS ANGELES – Assessed property values in Los Angeles and Ventura counties grew by 6.0 percent ($1.331 trillion to $1.410 trillion) from 2014-15 to 2015-16, according to statistics released Monday by the California State Board of Equalization. 

County-assessed property values rose 5.9 percent while state-assessed properties posted 9.5 percent year-over-year gains. Assessed property values are 17.8 percent higher than they were in 2008-09, when assessed values statewide hit their prior peak.

County assessors are responsible for assessing the value of each home, as well as other residential and commercial property, as of January 1 of each year. That value is used to set the property tax bill that is due in December of that year, and April of the coming year.

The BOE is responsible for assessing properties such as public utilities and railroads. Those annual tax bills are set based on these valuations.

Los Angeles County, with the largest assessment roll at $1.290 trillion, increased by 6.1 percent, up $74.5 billion over 2014-15. 

Of the counties with rolls exceeding $100 billion, all 12 posted higher assessed values: Santa Clara (8.7 percent), Alameda (7.8 percent), Contra Costa (7.4 percent), San Mateo (7.5 percent), San Francisco (6.9 percent), Orange (5.8 percent), San Diego (5.6 percent), Riverside (5.5 percent), San Bernardino (5.2 percent), Sacramento (4.6 percent), and Ventura (4.1 percent).

This is the fifth consecutive year the total value of California’s county and state-assessed properties has increased, fueled in large part by the recovery in the state’s housing market. For 2015-16, values rose to $5.209 trillion, an increase of $289.9 billion (5.9 percent) from 2014-15. Values statewide are 14.4 percent higher than they were in 2008-09.

Fifty-six counties posted year-to-year increases in assessed value, with most of those increases above two percent. Two counties experienced a year-to-year decline in value. Thirty-three counties grew in excess of five percent.

The assessed valuation in California’s 15 coastal counties, which accounts for more than 60 percent of total assessed valuation, gained 6.0 percent. Valuations in the 43 inland counties rose 5.8 percent.

“It is encouraging to see property values continuing to grow throughout our LA region and most of the state,” said BOE Chairman Jerome Horton. “This signals economic recovery and hopefully better jobs for Angelinos and all Californians.”

“Property values throughout California continue to rise,” said Vice Chair George Runner. “In some areas of the state we saw more growth than others, but overall this is an encouraging sign for our economy.”