Los Angeles County Assessor Jeff Prang

It is the time of the year again when the Los Angeles County Assessor’s Office releases findings from the Assessment Roll – laying the groundwork for collecting property taxes that pay for vital public services.

The roll for 2020 closed at the end of the fiscal year on June 30 and it reflects solid growth for Beverly Hills, West Hollywood and other cities. However, the Assessment Roll was created pre-COVID-19, which resulted in figures that may be dramatically different than those in the 2021 Assessment Roll.

The 2020 Assessment Roll has a total net value of $1.7 trillion, indicating the 10th year of consecutive growth. That value gives the county 17 billion to be used for public services such as health care, police, fire and schools.

In 2020, Beverly Hills has $39.1 billion in taxable values, which is a 6.6% increase over last year. That includes 8,140 single-family homes, 1,125 apartment complexes and 846 commercial-industrial parcels, for a total of 10,111 taxable properties. Growth is steady in Beverly Hills. The $39.1 billion translates into approximately $390 million for public services in Beverly Hills.

The city of West Hollywood had $14.4 billion in taxable values in 2020, a 6.3% increase over 2019. That includes 6,649 single-family homes and condos, 2,048 apartment complexes and 1,146 commercial-industrial parcels, for a total of 9,843 taxable properties. Approximately $140 million will be available for public services benefitting West Hollywood.

Assessments are based on the value of property as of the lien date of Jan. 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 likely be dramatically different. Although it is still unknown what next year’s Assessment Roll will include, the pandemic has devastated the economy to levels not seen since the Great Depression. The reduction in sales tax revenue, housing market slow down and high unemployment is going to likely have an adverse effect on the economy.

Moreover, when COVID-19 required “Safer At Home” protocols, the Assessor’s Office’s staff of approximately 1,400 employees embarked on teleworking operations. The office has 85% to 95% of its workforce working remotely on any given day, and the transition has proved challenging.

The Assessment Roll 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 Assessment Roll 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, the total amount reflects $87.91 billion in business personal property including boats, machinery, equipment and aircraft. 

Since the Assessment Roll is the inventory for all taxable property in the county, it can provide insight into the status of the real estate market. Although there was a slowdown in sales, there was continued growth in property values.

The Assessment Roll is also driven by real property sales, which added $49.6 billion as compared with 2019. The CPI adjustment mandated by Prop. 13 added an additional $30.8 billion, and new construction added $13.4 billion. For information, visit assessor.lacounty.gov.