LOS ANGELES, CA - Los Angeles County Assessor Jeff Prang released the 2023 Annual Report, providing a comprehensive overview of the Assessor's Office activities, achievements, and key initiatives throughout the past operating year.
The Annual Report serves as a valuable resource for the public, offering insights into the County's property assessment process, tax revenue distribution, and the overall economic landscape and reflects growth and increases in the assessed value of taxable real property for the 13th consecutive year. The report also includes an updated listing of the County’s 88 cities, including the highest valued cities and those with the highest percentage change from the previous year.
To access the full 2023 Annual Report, interested parties are encouraged to visit the official website of the Los Angeles County Assessor at: https://assessor.lacounty.gov/reports.
“The 2023 Annual Report provides the public with easily accessible information about the Office of the Assessor, including how property values in each area of the County changed during this last year,” said Assessor Jeff Prang. “The diligent work of our staff saw us find new ways to produce and complete our vital functions that ultimately serves as the foundation of the property tax system which will generate about $24 billion in revenue for vital public services.”
The 2023 Annual Report is broken down into categories and chapters, providing a comprehensive view and analysis of the Los Angeles County real estate market. It reveals that every city in Los Angeles County recorded an increase in assessed valuation compared to 2022. Key highlights from the 2023 Annual Report include:
- Record Growth: The Report highlights the total net value of $1.997 trillion for the entire County, indicating the 13th consecutive year of growth, as mentioned, and an increase of more than $111 billion (or 5.91%) over 2022 which generates $24 billion in property tax revenue annually.
- Office Initiatives: The Report includes the many legislative advancements, the tax resources and tax savings’ programs available, a detailed explanation of California’s property tax system, and the ongoing joint-venture with community colleges that provides a pathway to County jobs.
- 2023 Assessment Roll Data: The Report lists the top 20 highest valued cities in the County for 2023. The top five highest valued cities are the City of Los Angeles at No. 1 with an assessed valuation of $819.6 billion (5.9% increase); Long Beach with an assessed valuation of $74.8 billion (6.8% increase); Santa Monica with an assessed valuation of $48.9 billion (5.3% increase); Beverly Hills with an assessed value of $44.9 billion (5.3%); and Santa Clarita with an assessed valuation of $44.8 billion (8.5% increase).
Assessor Prang also reminds residents the growth does not mean property owners will be subject to a corresponding increase on their annual property tax bills. Most property owners will only see a modest 2 percent adjustment prescribed by Proposition 13.
The dedicated professionals at the Assessor’s Office are committed to providing the highest-quality of public service possible, regardless of the challenges that present themselves. In fact, the Annual Report will point out that in order to create the 2023 Assessment Roll, the hardworking and dedicated staff of the Assessor’s Office processed 319,000 deeds, assessed 122,000 transfers, enrolled over 40,000 new construction events, reviewed approximately 21,000 decline-in-value parcels, and prepared over 32,000 Assessment Appeals Board cases. In the last year, Assessor business personal property staff canvassed over 386,000 business locations and processed over 127,000 property statements.