Los Angeles County Assessor Jeff Prang recently certified the 2021 Assessment Roll, reflecting economic growth for the 11th consecutive year with an increase in the assessed value of taxable property countywide.

The 2021 Assessment Roll grew by $62.9 billion, or 3.7% over the prior year, to $1.76 trillion in total net value. While the overall value indicates growth, the total also reflects a reduction of $5.5 billion in business personal property, which includes machinery, equipment, boats and aircraft.

The reduction also reflects the impact of the COVID-19 pandemic on the local economy. To ease the impact specifically on small businesses, approximately 73,000 personal property assessments were proactively reduced in the hardest-hit areas.

Other reductions came from commercial aircraft, as air travel was severely restricted, resulting in reduced aircraft assessments. Additionally, daily commuting and other travel declined due to stay-at-home orders, resulting in reduced fuel demand, which in turn led to reduced fuel prices. Consequently, several major refineries saw a decrease in net cash flow and a commensurate reduction in fixture value, Prang said.

The $1.76 trillion total net value translates into approximately $17 billion in property tax that will be allocated to public services such as education, first responders and public health, as well as other county and municipal programs and services.

“I am pleased to report that the 3.7% increase in assessed property values in Los Angeles County represents the 11th year of consecutive growth,” Prang said. “We continue to improve our ability to produce a fair, accurate and timely Assessment Roll, which is aided in large measure by new, enhanced technology.”

The Assessment Roll is the inventory of all taxable property in the county and provides insight into the state of the real estate market. Assessments are based on the value of property as of Jan. 1, 2021.

The roll is also driven by real property sales, which added $44.9 billion; the CPI adjustment mandated by Prop. 13, adding an additional $16.4 billion; and new construction, which added $8.8 billion.

“Although the 2021 Assessment Roll reflects growth, which is good news, other factors are now indicating the exact nature of the economic slow-down caused by the COVID-19 pandemic,” Prang added. “The mixed implications of this past year will be felt for some time to come. Just as an example, the housing market experienced robust growth during the pandemic while small businesses were hit hard along with hotels, refineries and airlines.”

The COVID-19 pandemic also presented unanticipated obstacles in producing this year’s Assessment Roll, especially with the closure of county facilities. Prang said his staff adapted well to teleworking protocols.

“Most of my 1,300 employees were teleworking while county facilities were closed to the public,” Prang said. “This past year has been beyond a challenge, but we pulled together and have produced a thorough, accurate and fair roll in a timely manner.”

Prang also reminded residents that the growth does not mean property owners will be subject to a corresponding increase on their annual property tax bills. For information, visit assessor.lacounty.gov.