Assessor's Office Reports Second Straight Increase to L.A. County Property Values

The following press release is issued by the Los Angeles County Assessor's Office:

Los Angeles County Chief Deputy Assessor Santos H. Kreimann released the 2012 Assessment Roll on Thursday, reflecting a 2.24 percent increase in value that represents the second straight year of growth. This year’s assessment roll is $1,130,560,769,770 gross total, $24.8 billion greater than last year.

The gross total roll increase of 2.24 percent is compiled prior to deducting tax-exempt assessments as well as the state-reimbursed homeowners’ exemption. After these deductions, the net roll total for Los Angeles County is $1.079 trillion, a 2.20 percent net increase from last year’s net roll total.
The increase is primarily attributed to $15.1 billion from the inflationary adjustment allowed by Proposition 13 for properties that did not change ownership.

Additional factors to the increase include $12.8 billion added because of sales or ownership transfers; $4.9 billion in new construction; and $2.2 billion in various valuations that include oil, water rights, and possessory interests.

"The 2.20 percent net increase is great news for all Los Angeles County residents since it means an increase in revenues for local government and schools,” Kreimann said in the release. "This second year of increase to the assessment roll is a positive indicator that Los Angeles County is stabilizing and is experiencing growth after the historic 2009 and 2010 declines."

Although there is an overall net increase, due to the diversity and complexity of the Los Angeles County real estate market, approximately 365,000 residential and commercial properties have been granted a temporary decline-in-value as constitutionally guaranteed by Proposition 8.

"It is the duty of the Office of the Assessor to accurately reflect values and make sure that no one is paying more than their fair share of property taxes during a market downturn," Kreimann added. "Our 1,349 employees performed a massive job to ensure that the 2012 Assessment Roll is an accurate reflection of value of 2.7 million residential and commercial assessments including business equipment, boats and aircraft."

DA probe ongoing into assessor's office

Last month, Kreimann was as interim director of the office following the district attorney's office launching an investigation at allegations of property values being adjusted downward in exchange for political contributions under Assessor John Noguez, who took a leave of absence. Kriemann has reportedly been cleaning house, reports National Public Radio, who reassigned two high-level managers in the assessor's office late last month.

A former appraiser from the office, Scott Schenter, is accused of in exchange for campaign contributions to Noguez. It's being alleged he slashed the values - and the property tax bills - of multimillion-dollar homes, condominiums and businesses in Beverly Hills, Brentwood and Pacific Palisades. He .