Tuesday, August 24, 2010

Tax Roll Shows Decline in Residential Values

Los Angeles County Assessor’s Office



Contact: ROBERT KNOWLES                                                             AUGUST 24, 2010

               GILBERT PARISI                                                

             (213)974-3101                                             http://assessor.lacounty.gov


                         ASSESSMENT ROLL AGAIN REFLECTS

                          DECLINE  IN RESIDENTIAL VALUES


Los Angeles County Assessor Robert Quon today released the fourth successive trillion-dollar Assessment Roll, although the $1,089,524,149,015 gross total reflects a 1.67 percent  decrease from last year - equal to an $18.5 billion reduction in the Roll.


“This reduction was primarily caused by the ongoing decline in residential real estate values and a first-ever decrease in the inflation factor, which will reduce assessed values on properties with a Proposition 13 base,            Quon noted. "This inflation factor (the California Consumer Price Index) traditionally increases the Roll by about 2 percent in value but this year the CCPI was a negative 0.237 percent, reducing the gross Roll by some $2.14 billion."


"Although the Roll indicates a strong property tax base," Quon stated, "this definitely means a loss of revenue for public services and schools. The responsibility of the Assessor, however, is to accurately reflect values and make sure no one is paying more than their fair share of property taxes."


 That duty, he added, required a decline-in-value review of more than 580,000 home and condominium values, resulting in lower assessments on some 400,000 residential properties purchased between July 1, 2003 and June 30, 2009, and even further back in some Antelope Valley areas.


Value reductions averaged $162,000 for a single-family home and $133,000 for a condominium. This review meant an average tax savings of $1,800 on a single-family home and $1,500 on a condo.


The decline-in-value homes review and other adjustments resulted in a $24.3 billion decrease in the gross Roll, Quon stated.


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