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Odds and Ends from the County Assessor's Office

Ana Connell,March 18, 2018

The Los Angeles County Office of the Assessor provides current, easy-to-access information to assist real estate professionals in meeting clients' needs. Whether you are helping to buy or sell a property, inquiring about a property profile, or have a question about property tax exemptions, the Office of the Assessor is your first source for the latest information.

For convenient access to property data, maps, and diagrams, visit the Assessor Portal and simply type in an address or parcel number (APN). To learn about property tax savings, please take a look at our new Real Estate Professionals Toolkit. You can also access the latest valuation figures for your area in the 2017 Annual Report.

We invite you to clip and paste any of this information into your client communications or marketing materials. If you have any questions, please do not hesitate to get in touch.

PROPERTY TAX SAVINGS
DISASTER RELIEF

A property owner may be eligible for property tax relief if a property is damaged or destroyed by a calamity such as a wildfire, flood, or earthquake.

In order to qualify, damage to the property must exceed $10,000 of the current market value. Additionally, an Application for Reassessment: Property Damaged or Destroyed by Misfortune or Calamity must be filed with the Los Angeles County Assessor's Office within twelve (12) months of the date when the property was damaged or destroyed. The application can be accessed electronically here.

For additional details on tax relief for property owners affected by a disaster, or to access any forms, click here or call 213/974-8658.

WHAT'S HOT IN REAL ESTATE
OFFICE MARKET NEAR LAX

Photo courtesy L.A. Metro

As Los Angeles World Airports invests $14 billion to modernize LAX, and Metro continues construction on the new station connecting riders to the airport's planned people-mover, the office market in the vicinity of the airport is gaining steam.

Brokers, property owners, and analysts credit the multi-billion-dollar infrastructure upgrades for the rising lease rates and declining class A office vacancies. Additional factors include renovations of older office buildings, conversions of office buildings to hotels, and the persistent rate increases in the El Segundo and Playa Vista office markets.

Click here to read the full article by Neil Nisperos. For more on LAX modernization, take a look at the LAWA fact sheets. Details on the Crenshaw/LAX Line can be accessed here.

FROM THE HEADLINES
UNEMPLOYMENT IN L.A. COUNTY DROPS

The Los Angeles Business Journal reports that the labor market in the County of Los Angeles continued to improve over the month of Octoberaccording to data furnished by the California Economic DevelopmentDepartment (EDD). The unemployment rate dropped from 4.9% in September to 4.7%. By comparison, the statewide average is 4.9%.

Over the preceding 12-month period, the County has seen an increase of 40,000 jobs, predominantly in the following sectors: health care and social assistance; professional and business services; and construction. These figures include workers on payrolls, as well as contract workers and those who are paid in cash.

For more analysis on these and other employment figures compiled by the EDD, visit the EDD online or read Howard Fine's complete coverage published by LABJ.

REMINDER FROM THE TREASURER & TAX COLLECTOR
PROPERTY TAX PAYMENT DEADLINE

The first installment of the 2017-18 Annual Secured Property Tax Bill became due on November 1, 2017. It will be considered delinquent if the Los Angeles County Treasurer and Tax Collector does not receive payment by December 10, 2017. However, because December 10th falls a Sunday this year, the delinquency date temporarily moves to Monday, December 11th.

Late-payment penalties can be steep and there are few legal exceptions allowing for a late payment. Save time and money; pay onlineusing the Treasurer and Tax Collector's online payment system.

Note that the USPS may not postmark your payment on the same day that you deposit it into a mailbox. For details, visit the Treasurer and Tax Collector's Postmark site. To look up property data such as assessments, visit the Assessor Portal or call 213/974-3211.

IN THE SPOTLIGHT
BEVERLY HILLS

In recent weeks, the Assessor issued the 2017 Annual Report noting assessed valuations for the 88 cities and the numerous unincorporated communities in Los Angeles County, as well as trends and other useful information for real estate professionals.

For the County of Los Angeles as a whole, the gross value of all taxable property stands at a record $1,473,759,940,499 (or, $1.47 trillion). The net value, which excludes exemptions but is also a record high for Los Angeles County, is $1,416,125,372,989 (or, $1.42 trillion).

This net value represents an increase of 6.04% over 2016 and is the 7th consecutive year of growth for Los Angeles County. Below is a listing of the 10 cities with the greatest year-over-year change:

In Beverly Hills, where the total assessed valuation is $31,948,504,166 (or, $31.95 billion) for 10,159 properties, year-over-year growth was 9.1% – the fourth highest of any city in Los Angeles County.

The following graph compares Beverly Hills' valuation change over the previous 15 years to the County average during the same period:

Please review the 2017 Annual Report for additional assessment data on Beverly Hills, on another city, on unincorporated areas, or on the County as a whole. Alternatively, please contact public information officer Robert Kalonian via email or at 213/974-3101.

REMINDER FROM THE ASSESSOR
PROPERTY TAX APPEAL DEADLINE

The Office of the Assessor does not wish for anyone to pay more than their fair share of property taxes. If you intend to file a property tax appeal with the Assessor's Office or the Assessment Appeals Board, note that the deadline to file an Assessment Appeal Application with the Assessment Appeals Board and/or an application for a Decline-in-Value Review with the Assessor's Office is Thursday, November 30th.

If you have any questions about the Assessment Appeal Application, visit the Los Angeles County Assessment Appeals Board website or call 213/974-1471. To contact the Assessor's Office regarding Decline-in-Value Reviews, visit us online or call 888/877-2111.

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