Los Angeles County Assessor Jeffrey Prang on July 20 released the 2017 Los Angeles County Assessment Roll, which reflects the updated value of all taxable property in the county.

Prang delivered the Assessment Roll to John Naimo, auditor-controller for Los Angeles County. The Auditor-Controller’s Office applies the annual tax rate to the assessed value of individual properties and submits the data to the county treasurer and tax collector. The treasurer and tax collector mails property tax bills to property owners and collects property tax revenues. The taxes collected are disbursed to over 900 local agencies and are used to fund schools, road repairs, public safety and other government services.

Los Angeles County Assessor Jeffrey Prang (right) delivers the completed 2017 Assessment Roll to John Naimo, the Auditor-Controller for Los Angeles County. The gross value of all taxable property in Los Angeles County is a record $1.474 trillion.
(photo by Martin Zamora, Los Angeles County photographer)

The 2017 Assessment Roll contains details about more than 2,300,000 taxable real estate parcels, 170,000 business/personal property assessments, 26,000 boats and 3,000 aircraft. To provide tax relief to small business owners, Prang initiated a change to the Low-Value Ordinance by increasing the threshold from $2,000 to $5,000. The change relieves approximately 50,000 small businesses of a property tax obligation for equipment, machinery, office furnishings, and some boats and aircraft that have an assessed value under $5,000.

Transfers of ownership, such as real estate sales, caused the greatest increase in the Assessment Roll growth. Additional factors include decline-in-value restorations and new construction.

Decline-in-Value restorations include properties in areas still recovering from the property value downfall of the economic recession. The annual inflation-adjusted trend, which is responsible for the increase in property taxes for properties that did not experience any form of changes in ownership or construction, added an additional 1.77 percent to the value of the Assessment Roll, which is consistent with Proposition 13 requirements.

For information, visit Assessor.lacounty.gov.