Great news for county government in California. It looks like most counties have increased valuation by at least 5%. That means property tax revenues will be up by 5% or more. Of cours that is never enough for government—which is why they want to create a massive increase in property tax for commercial and industrial properties—the Split Roll Ballot Measure. Government never gives back extra money, they just spend it.
Los Angeles has a 6.25% increase and that will not stop the need for more money, bonds and taxes in that out of control county.
Thought you should know the cost of housing has gone up, in real terms by at least 5%, county by county.
| Property Tax: Los Angeles County Property Tax Revenue Reaches Record High Cal-Tax, 7/29/19 Los Angeles County will receive a record high amount of property tax revenue this year, Assessor Jeff Prang announced July 15 as he unveiled a county assessment roll that represents “record growth and new all-time highs in real estate and business property values across the county.” The roll grew a record $94.41 billion (6.25 percent) over the prior year, to reach $1.604 trillion in total net value. “The strong growth in the local real estate market for the ninth consecutive year will have a positive impact on services for L.A. County’s 10 million residents,” Prang said in a news release. “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.” The value of taxable property in the county is now more than 50 percent higher than it was in 2009, so revenue received by local governments and schools in the county this year will be more than 50 percent higher than just 10 years ago. In addition to the values of the county’s 2.38 million parcels of real estate, the roll includes $84.8 billion in business personal property, which increased $3.9 billion from 2018 and also reached a record high. Leading indicators for the growth in the assessment roll are property sales, which added $48.34 billion to the roll as compared to 2018; the Proposition 13 inflation adjustment (capped at 2 percent for each property), which added $28.74 billion; and new construction, which added $11.09 billion. The partially completed construction of the professional football stadium in Inglewood added $1.95 billion to the roll. 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, Prang said. The roll is comprised of 1,878,470 single-family homes, 249,972 apartment complexes, 248,109 commercial and industrial properties, and more than 200,000 business personal property assessments, the assessor said. Other counties that recently unveiled their assessment rolls include: Orange County. Assessor Claude Parrish reported growth of $33 billion (5.6 percent). “Overall, new construction and real estate sales are up and market values continue to move up,” Parrish’s office stated in a news release. “Many properties that had a Prop. 8 taxable value decrease in prior years will see their taxable value increase up to their Prop. 13 limit based on market conditions.” Riverside County. Assessor Peter Aldana reported growth of 5.9 percent. Lower rents and prices of inland properties helped attract investors and industrial users to the county, “fueling increased demand in warehouse facilities resulting in higher prices for commercial-industrial properties,” the Assessor’s Office stated in a news release. The assessor noted that this is the first roll closed with the technology that recently replaced the county’s 47-year-old computer system. Stanislaus County. Assessor Don Gaekle reported a roll value of $52.47 billion, which is 5.9 percent higher than last year. Tulare County. Assessor Roland Hill reported growth of 5.1 percent. Hill also reported that under an ordinance approved July 9 by the county Board of Supervisors, the assessor is authorized to cancel regular property tax bills of $100 or less, beginning with the 2020-21 tax year. The ordinance, proposed by the assessor, also eliminates supplemental and escape bills of $50 or less as of January 1, 2020. |
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