The Los Angeles County Assessor informs Home Owners about an increase in Property Taxes

Property taxes are likely to increase in Los Angeles County due to the fast growth of the real estate development and market. The evaluated cost of acquiring a house in the county shot by 6.03 percent this year. A report that was released on 20th July indicates that the figures are slightly higher than in 2016. According to Jeffrey Prang, who is the Los Angeles County Assessor, the price of homes in the county has been increasing for seven consecutive years, and all its cities experienced a rise in the value of properties. The current net worth of the 2.4 million properties that are in the country is about $1.4 trillion, which is $81 billion higher than last year.

The seven years of growth have enabled the property tax value to increase at a fair rate. Prang believes that this is an economic indicator showing that Los Angeles is stable in the development of the residential and commercial buildings. Many people are also acquiring property in the county. According to Proposition 13, which is a law that was voted for by Californians in 1978, the evaluated worth of any property cannot rise by over 2 percent unless its ownership is transferred. Most of the people who own residential property in Los Angeles will have a 1.77 percent increase in the price of their homes.

According to Jeffrey Prang, the breakdown of house prices for all cities will be released later this year. He said that Westside is growing faster than other areas in the county. Individuals who would like to buy homes or invest in the real estate sector are disadvantaged since the prices are growing rapidly. Prang gave the evaluation roll to the auditor-controller of the county, John Naimo, who will determine the annual tax rate of the cost of the each property. The information will then be given to the county’s treasurer and tax controller, which are the offices that are in charge of mailing property tax bills to the respective owners and collecting the tax.

The Los Angeles County Assessor said that the collected taxes are used by the county to fund schools, road construction and maintenance, local government services, and public safety. His office facilitates the property tax system that helps in financing several services that are important to the people. Los Angeles County currently has about 2.4 million real estate properties that are taxable, 26,300 boats, 172,000 business premises, and over 3,000 airplanes.