Santa Clarita property values have grown by $2.5 billion in the last year, according to the Los Angeles County Assessor’s office.

Los Angeles County Assessor Jeff Prang has certified the 2019 property tax assessment roll, which represents record growth and new all-time highs in real estate and business property values across Los Angeles County, including Santa Clarita

New records also include total tax savings for homeowners and charitable organizations.

The tax roll grew by a record $94.41 billion (6.25 percent) higher than 2018 to an all-time high of $1.604 trillion in total net value.

According to the report, in addition to the values of L.A. 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 L.A. 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.”

Leading indicators for the growth in the local property assessment roll include property sales, Consumer Price Index (CPI) adjustment and new construction.

Officials say that nearly half of the increase was due to the reassessment of properties that were sold this year. Under California’s Proposition 13, property values can only be reassessed at market value when they are sold.

Under Proposition 13’s CPI adjustment of 2 percent, as long as a property is not sold, its assessed value cannot increase by more than 2 percent annually, which added another $28.74 billion.

New construction added a further $11.09 billion, according to the report. The largest single reassessment of any property was for the new Los Angeles Stadium in Inglewood ($1.95 billion), which will serve as the future home of the NFL’s Rams and Chargers. Following that is $200 million for the Bank of California Stadium in the City of Los Angeles.

The 6.25 percent overall growth 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 percent due in large part to the new NFL stadium, whereas communities without comparable construction or sales activity saw significantly lower growth rates.

Below are additional highlights from the 2019 Assessment Roll:

Cities with the greatest percentage growth:

Inglewood, 25.7 percent Vernon, 13.2 percent West Hollywood, 11.6 percent Santa Fe Springs, 9.3 percent

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

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 nine out of 10 property owners will see only the 2 percent 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. This is in addition to $684.8 million in property value tax relief to the owners of 1,328 properties that were severely damaged or destroyed by the Woolsey Fire, 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.

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