Los Angeles County Assessor Jeffrey Prang RELEASES 2021 ANNUAL REPORT
The 2021 Annual Report is broken down into categories and chapters, providing a comprehensive view of the strength of the Los Angeles County real estate market. It reveals that last year nearly every city in Los Angeles County recorded an increase in assessed valuation compared to 2020.
The report also highlights the total net value of $1.76 trillion for the entire County, indicating the 11th consecutive year of growth, an increase of $62.9 billion (or 3.7%) over 2020. That value places $17 billion in the hands of the County to be used for those public services just mentioned.
The Report also includes the latest information on the new Constitutional amendment Proposition 19 as well as the Office’s many legislative advancements, the many tax resources and tax savings’ programs available, a detailed explanation of California’s property tax system, and the new joint-venture with community colleges that provides a pathway to jobs, among other chapters.
Moreover, as the Report does every year, it lists the top 20 highest valued cities in the County for 2021. The top five highest valued cities for 2021 remain the same, with the City of Los Angeles at No. 1 with an assessed valuation of $723.6 billion (4% increase); Long Beach ($65.7 billion, 3.5% increase); Santa Monica ($43.834 billion, 3.7% increase); Beverly Hills ($40.6 billion, 4.1% increase); and Santa Clarita ($38.3 billion, 1.1% increase).
The top three fastest percentage growth cities in the County in 2021 were Cerritos at 9.1% growth, Hidden Hills at 8.9% growth, and Vernon at 7.1%.
Assessor Prang also reminded residents that the average growth does not mean property owners will be subject to a corresponding increase on their annual property tax bills. Nearly 9 out of 10 property owners will see only the modest 2 percent adjustment prescribed by Proposition 13.