After Los Angeles and Long Beach, Santa Clarita experienced the most growth in real estate and business property values of all 88 Los Angeles County cities, according to the 2019 Assessment Roll certified by County Assessor Jeff Prang and released Monday.
Santa Clarita’s 2019 assessed values are $35,170,533,778 compared to $32,621,351,858 in 2018, an increase of $2,549,181,920, or 7.8%.
There are 62,331 single-family residential parcels, 491 residential income properties and 4,678 commercial-industrial parcels in Santa Clarita, for a total of 67,500.
The 2019 Assessment Roll represents record growth and new all-time highs in real estate and business property values across the county.
New records also include total tax savings for homeowners and charitable organizations.
The roll grew by a record $94.41 billion (or 6.25%) over the prior year to an all-time high of $1.604 trillion in total net value.
In addition to the values of the county’s 2.38 million real estate parcels, this total amount includes $84.8 billion in business property (e.g. boats, aircraft, machinery, equipment), which rose by $3.9 billion from 2018 and is itself a new record.
“The strong growth in the local real estate market for the ninth consecutive year will have a positive impact on services for LA County’s 10 million residents,” Prang said.
“From education, healthcare, and mental health services, to public safety, transportation, and alleviating the homeless crisis, our schools, cities, and county programs will have approximately an additional $1 billion for vital local public services,” he said.
Leading indicators for the growth in the local property assessment roll are: a) property sales, which added $48.34 billion to the roll as compared to 2018; b) the CPI adjustment prescribed by Proposition 13, which added another $28.74 billion; and c) new construction, which added a further $11.09 billion.
Among the greatest single additions to the roll are $1.95 billion for the partially complete construction of the Rams/Chargers stadium in Inglewood and $200 million for the Banc of California Stadium in the city of Los Angeles.
The 6.25% overall growth in property values reflects a county average, as there is substantial variation from one community to another. For instance, the total value of all assessments in Inglewood rose by 25.7% due in large part to the new NFL stadium, whereas communities without comparable construction or sales activity saw significantly lower growth rates.
Prang 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% adjustment prescribed by Proposition 13.
Among the benchmarks set by the 2019 roll is the total amount of $620 million in tax savings for seniors, veterans, and charitable organizations.
Additionally, to date, the owners of 1,328 properties that were severely damaged or destroyed by the Woolsey fire have received tax relief totaling $684.8 million in property value, allowing them to rebuild their homes and their lives.
The 2019 Assessment Roll comprises 2.57 million real estate parcels and business assessments, including 1,878,470 single-family homes, 249,972 apartment complexes, 248,109 commercial and industrial properties, and more than 200,000 business property assessments.
Below are additional highlights from the 2019 Assessment Roll:
Cities with the greatest percentage growth:
* Inglewood: 25.7%
* Vernon: 13.2%
* West Hollywood: 11.6%
* Santa Fe Springs: 9.3%
Cities with the greatest amount of growth:
* Los Angeles: $41.7 billion
* Long Beach: $3.1 billion
* Santa Clarita: $2.5 billion
* Inglewood: $2.4 billion
Cities with the highest total assessed values:
* Los Angeles: $652.9 billion
* Long Beach: $60.2 billion
* Santa Monica: $39.5 billion
* Beverly Hills: $36.6 billion
The Sand Canyon Resort project is scheduled to return before Santa Clarita Planning Commissions Tuesday with a series of revisions, following multiple concerns raised by both commissioners and residents.
The Valley Industry Association will welcome College of the Canyons Chancellor Dr. Dianne G. Van Hook as the keynote speaker for the March VIA Virtual Series taking place Tuesday, March 16, from 11:00 a.m to 12:15 p.m.
The California Department of Motor Vehicles announced a new round of extensions for commercial driver’s licenses expiring through May 31 that will help commercial drivers focus on delivering essential products and supplies during the COVID-19 emergency.
The Los Angeles County Department of Consumer and Business Affairs (DCBA) announced Thursday the upcoming launch of the Los Angeles Online Dispute Resolution (LA-ODR) program, in collaboration with the Superior Court of California, Los Angeles County and its Dispute Resolution Program (DRP), and the Center for Conflict Resolution.
Santa Clarita City Council members declined Tuesday to administer $6.8 million in state rental assistance funds for eligible residents who have been impacted by the COVID-19 pandemic and let the state handle those dollars but approved creating a program for them with $6.3 million from the federal government.