Despite a devastating wildfire season that destroyed thousands of homes and scorched wide swaths of Altadena, Pacific Palisades and Malibu, Los Angeles County Assessor Jeff Prang released the May 15 Forecast for the 2025 Assessment Roll, projecting a 3.25% increase in taxable property values over 2024. This marks the 15th consecutive year of growth for the county’s Assessment Roll.

The May Forecast is an estimate of the Assessment Roll and may change between now and when it closes in early July. The forecast serves as a critical planning tool for local governments as they prepare their budgets based on projected property tax revenues. The Assessment Roll reflects the value of all taxable property in the County and offers a snapshot of the broader real estate market and economic trends.

“The 2025 wildfires impacted more than 23,000 parcels, including the total loss of over 10,000 homes,” said Assessor Prang. “Our office is committed to ensuring property owners receive timely assessment relief. Meanwhile, challenges continue in the downtown office market, which is expected to lower the 2025 Roll by approximately $24 billion.”

This year, the Consumer Price Index adjustment required by Proposition 13 is expected to add the maximum 2% allowed under the law – equivalent to a $41 billion increase to the 2025 Roll.

While the housing market has shown signs of slowing, median home sales prices remained robust, reaching $950,000 in August 2024. With that being said, property transfers are expected to serve as the single most significant factor contributing to this year’s Roll growth, adding $50 billion in additional value.

Although wildfire response efforts diverted resources away from new construction, the Assessor’s Office implemented new strategies to maintain productivity and prioritize high-value projects. As a result, new construction is projected to contribute an additional $6 billion to the 2025 Roll.

With the total estimated net value of taxable property exceeding $2 trillion, the resulting property tax revenues, approximately $20 billion, will help fund critical public services, including public education, emergency responders, healthcare services and other essential county programs. All assessments are based on property values as of Jan. 1, 2025.

To view the complete 2025 Forecast, visit: https://assessor.lacounty.gov/news-information/assessmentroll.