Los Angeles County Assessor Jeff Prang certified the 2022 Assessment Roll, reflecting economic growth for the 12th-consecutive year with the increase in assessed value of all taxable property countywide.
The 2022 Assessment Roll grew by a record $122 billion, (or 6.95%), over the prior year to a $1.89 trillion in total net value. The total net value translates to nearly $19 billion in property tax dollars for vital public services such as public education, infrastructure, first responders, and healthcare workers as well as other services.
The percent increase of assessed value in the city of Santa Clarita was 7.7%. Assessed value in 2021 was $38,386,285,259 and grew to $41,352,299,677 in 2022, a change of $2,966,014,418. Santa Clarita outpaced the L.A. County average increase of 6.95% increase in assessed value.
Parcel counts in the city of Santa Clarita showed 63,904 single family residential parcels, with 491 residential income parcels and 4,651 commercial/industrial for a total of 69,046 parcels.
The assessed valuation for Santa Clarita only includes parcels located within the city limits of the city of Santa Clarita and not the adjoining unincorporated areas of the Santa Clarita Valley such as Stevenson Ranch or Castaic.
“I am pleased to report the 6.95% increase in assessed property values in Los Angeles County shows we are slowly emerging from the pandemic that has been with us for the past two years,” Prang said. “Although the housing market is showing signs of leveling off now, it had been robust with low interest rates, inflation and a high demand during the COVID restrictions.”
The tax roll is the inventory for all taxable property in the county and, as such, can provide some insight into the health of the real estate market. Assessments are based on the value of property as of the lien date of Jan. 1, 2022.
The tax roll is also driven in large measure by real property sales, which added $69.6 billion to the tax roll; the CPI adjustment mandated by Proposition 13 reached its full potential of 2%, adding an additional $34.2 billion; and new construction added $6.3 billion.
“As I said when I released the May forecast, the growth in the single-family residential market was set to produce a record-breaking increase in transfer assessments and it did, adding $69.6 billion,” Prang said. “However, lingering economic distress, the continued concerns of COVID-19 variants and evolving business trends have resulted in numerous challenges for the county. As always, however, we pulled together and have produced a thorough, accurate, and fair tax roll in a timely manner.”
Prang also reminded 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 Prop. 13.
The 2022 Assessment Roll comprises 2,589,521 million real estate parcels and business assessments, including 1,889,000 single-family homes, 250,000 apartment complexes, 248,000 commercial and industrial properties and more than 165,000 business property assessments. A full list growth and parcel count for cities and unincorporated areas is available here.