Assessor Jeff Prang announced that total valuation of property increased 5.91% in 2023. (photo courtesy of the
L.A. County Assessor’s Office)

Los Angeles County Assessor Jeff Prang released the 2023 Annual Report on Nov. 28, providing a comprehensive overview of the Assessor’s Office activities, achievements and initiatives throughout the past year.

The annual report serves as a valuable resource for the public, offering insights into the county’s property assessment process, tax revenue distribution and the overall economic landscape. It also reflects growth and increases in the assessed value of taxable real property for the 13th consecutive year. The report lists information on the county’s 88 cities, including the highest valued cities and those with the highest percentage change from the previous year.

“The 2023 Annual Report provides the public with easily accessible information about the Office of the Assessor, including how property values in each area of the county changed during this last year,” Prang said. “The diligent work of our staff saw us find new ways to produce and complete our vital functions that ultimately serves as the foundation of the property tax system, which will generate about $24 billion in revenue for vital public services.”

The 2023 Annual Report is broken down into categories and chapters, providing a comprehensive view and analysis of the Los Angeles County real estate market. It reveals that every city in Los Angeles County recorded an increase in assessed valuation compared to 2022.

The total net value for the entire county is $1.997 trillion, indicating the 13th consecutive year of growth – an increase of more than $111 billion (5.91%) over 2022. Taxes on the total number of properties generate $24 billion in annual revenue.

The city of Los Angeles has the highest total property valuation ($819.698 billion) in the new report, followed by Long Beach ($74.802 billion), Santa Monica (48.958 billion) and Beverly   Hills ($44.985 billion). West Hollywood was ranked No. 17      in total property valuation  at $16.956 billion.

The report also includes many legislative advancements, tax resources and tax savings’ programs available, a detailed explanation of California’s property tax system and the ongoing joint-venture with community colleges that provides a pathway to county jobs. The report lists the top 20 highest valued cities in the County for 2023.

Assessor Prang also reminds residents that the growth does not mean property owners will be subject to a corresponding increase on their annual property tax bills. Most property owners will only see a modest 2% adjustment prescribed by Proposition 13.

To read the 2023 Annual  Report, visit assessor.lacounty. gov/reports.