By Sarah Favot, Los Angeles Daily News
Posted: 07/16/15 – 7:33 PM PDT |
Fueled by an increase in home sales, the assessed value of all taxable property in Los Angeles County rose 6.13 percent in 2015 — the largest jump since 2010 — the county assessor reported Thursday.
Assessor Jeffrey Prang released the 2015 Assessment Roll, which showed the county’s taxable properties were valued at a net total of $1.264 trillion, a $73.1 billion increase from last year.
“The 2015 Assessment Roll provides a comprehensive view of the strength of the Los Angeles real estate market,” Prang said. “The roll illustrates that in the last year, every city in Los Angeles County recorded an increase compared to 2014.”
There are more than 2.3 million taxable property parcels in the county, 318,000 pieces of business equipment, 46,000 boats and 3,100 aircraft.
Each year, the county assessor must put a value on all residential and commercial property. On Thursday, Prang delivered this year’s assessment roll to the county auditor/controller, who applies the annual tax rate. The data is then sent to the county treasurer and tax collector, whose office mails property tax bills. Taxes are levied at about 1 percent of the assessed value of the property. Under Proposition 13, passed by California voters in 1978, the assessed value of a property cannot increase by more than 2 percent unless the property is sold.
The majority of residential property owners in the county will see about a 2 percent increase in the value of their homes, Prang said.
In San Bernardino County, the assessed value of all property increased more than 5 percent, which surpassed the previous high in 2008 before the collapse of the real estate market. That county’s 820,314 taxable parcels were valued at $186.8 billion.
In Los Angeles County, property sales were the biggest contributor to the increase in the assessment roll, with a 3 percent jump, Prang said.
The median price of a single-family home in L.A. County increased 7.9 percent to $480,000 last year. The average price was $780,000.
Apartment rents increased 6.4 percent in 2014. In the city of Los Angeles, the average rent for a two-bedroom apartment last year was $2,591 per month.
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