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BUSINESS PERSPECTIVE

The 2023 Assessment Roll

By JEFF PRANG

Los Angeles County Assessor

 

I come before you this month to let you know we are in the final stages of fulfilling our Constitutional mandate and probably the most significant item I do as your Assessor: The Assessment Roll.

 

As I visited with you last year about this same time, some of you were scratching your head and wondering: What is the Assessment Roll?  Others are more than familiar with the comprehensive tally that values more than 2.5 million real estate parcels in Los Angeles County that results in the very tax dollars that goes to pay for our vital public services, such as police, fire, schools, and even libraries, to name just a few. 

 

In the meantime, I have announced the May 15 forecast for the 2023 Assessment Roll to the Board of Supervisors that taxable property values are anticipated to increase approximately 5% over 2022, marking 13 years of continuous growth. Our

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Assessor Jeff Prang

fiscal year runs from July 1 to June 30. Assessments are based on the value of property as of the lien date of Jan. 1, 2023.

The May Forecast projects the anticipated growth rate for the annual Assessment Roll which closes in early July. The forecast is an important tool for local governments as they prepare their annual budgets in anticipation of property tax revenues. The Annual Assessment Roll is the inventory for all taxable property in the County and can provide insight into the state of the real estate market and the local economy.

As an example, the Assessment Roll last year grew by a record $122 billion, which is almost 7 percent in growth over the previous year’s Assessment Roll and is approximately $1.89 trillion in total net value. The total net value translated to nearly $19 billion in property tax dollars.

The Roll, as it is known, 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.

The 2022 Roll was comprised of 2,589,521 million real estate parcels and business assessments, including 1,889,000 single-family homes, 250,000 apartment complexes, 248,000 commercial and industrial properties and more than 165,000 business property assessments.

The Roll also is driven in large measure by real property sales, and that added $69.6 billion to the Roll last year; the CPI adjustment mandated by Prop. 13 reached its full potential of 2 percent, adding an additional $34.2 billion; and new construction added another $6.3 billion.

I always like to remind the readers that although the Roll grows in assessed value, that doesn’t necessarily correlate to an increase in the property tax bill. Most property owners last year only saw a 2 percent adjustment prescribed by Proposition 13. 

All this exhaustive effort goes into the Assessment Roll because it is the very foundation of Los Angeles County’s property tax system. If the Roll is not thorough and accurate, the County might not receive the necessary funding for the year and critical government services are left wanting. Others cannot do their job until we do ours.

 

The 2023 Assessment Roll will be released in early summer and, yes, you can expect it will still be affected by this past pandemic, even though the requirements are now lifted. The economy may be sluggish while it re-acquires its footing. We will know more as the details are finalized. 

 

For more information about the Assessor’s Office and the many tax savings programs we offer, please visit our website at assessor.lacounty.gov. 

Tax relief available for winter storms

By JEFF PRANG

Los Angeles County Assessor

 

The year 2022 was a challenging year concerning our weather. Through the waning weeks of 2022, Los Angeles County experienced precious little rain. In its place there was extreme heat warnings with 3-digit temperatures the common denominator. When we experienced extremely dry conditions last fall, there was always the con-      cern with flooding, especially since we’ve experienced recent torrential winter rain storms.

Along those lines, I want to remind property owners that tax relief is available in the event of damage to property not only by fires and other natural disasters but rain damage and/or flooding. By filing a claim for Misfortune & Calamity relief within one year of the incident, properties that have sustained a minimum of $10,000 in damage or destroyed may be eligible for a refund of taxes already paid and lower annual tax bills until the property is repaired or rebuilt. 

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Assessor Jeff Prang

You must file the Application for Reassessment—Misfortune and Calamity claim, which is available online at https://assessor.lacounty.gov/tax-relief/disaster-relief or by phone: (213) 974-8658; by social media at @lacassessor.

 

Again, the claim has to be filed with my office within 12 months of the rain damage or flooding or any other natural disaster. The savings can be for a total loss of the property or a percentage of the damage as long as it’s $10,000 or more. Sometimes, the tax relief may not be a significant amount but it most assuredly helps in a time of need and can come in handy when you are planning on rebuilding or replacing. The percentage is calculated by the appraiser using a standard formula, oftentimes in conjunction with other factors such as existing insurance. 

As just one example, our reassessments led to more than $3 million in tax relief a few years back during the Woolsey Fire. This relief was by way of refunds and adjustments to the 2018/2019 tax bills. The Woolsey Fire had 1,328 homes and businesses affected. Of those, 797 were entirely destroyed. 

We believe that every property was identified. Dozens of appraisers were at work around the clock to ensure people received the required reassessment of the property that led to the tax relief. I estimate for that fire alone my staff logged more than 2,500 hours on the job. We are on the job again this winter.

I’m going to be sharing with you several other savings programs that we offer. Those programs include the Homeowners’ Exemption and Senior Replacement to name just a few of those we offer.  

The recent rains were a welcomed relief from the extreme heat and dry weather conditions but they proved to be too much for a parched land as there has been significant damage and even loss of life.

Again, the M&C claim forms can be obtained online at https://assessor.lacounty.gov/tax-relief/disaster-relief or by phone at (213) 974-8658. If ever needed, please avail yourself of this tax relief program.

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