The 2022 Assessment Roll
By Jeff Prang
Los Angeles County Assessor
It’s that time again that my Office undertakes its most important function of the fiscal year that lays the ground work for the very property taxes that pay for our vital public services: The Assessment Roll.
The Roll for 2022 has been closed on time, on budget and it reflects growth for Los Angeles County for the 12th consecutive year.
First off, let me say this comprehensive tally values more than 2.5 million real estate parcels in Los Angeles County and results in the very tax dollars that goes to pay for vital public services, such as healthcare, police, fire, schools, and even librarians, to name just a few. I am constitutionally mandated to close the Roll by the end of the Fiscal Year on June 30.
I am pleased to announce that the 2022 Assessment Roll has a total net value of $1.89 trillion, indicating the 12th year of consecutive growth. The 2022 Roll also grew by more than $122 billion, a record, over 2021. That value places nearly $19 billion in the hands of the County to be used for those public services I just mentioned. Assessments are based on the value of property as of the lien date of January 1, 2022.
Some basics: 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.
This year’s Roll comprises 2,589,521 million real estate parcels as well as business assessments countywide. That includes 1,889,000 single-family homes, 250,000 apartment complexes, 248,000 commercial and industrial properties and more than 165,000 business property assessments.
Since the Roll is the inventory for all taxable property in the County, it can provide some insight into the health of the real estate market. The Roll is also driven in large measure by real property sales, which added $69.6 billion to the Roll as compared with 2021; the CPI adjustment mandated by Prop. 13, which this year came in at 2%, added an additional $34.2 billion; and new construction added $6.3 billion.
I also want to remind 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 see only a 2% adjustment prescribed by Proposition 13.
Finally, as we appear to be emerging from the more than two-year-long pandemic, I wish for everybody to stay safe and heathy. We are not clear of this virus by any stretch and this is a tumultuous time in our history. No question about that, but to repeat what has been said so many times before during emergencies that demand the best from us, this could be our finest hour.
