The value of all L.A. County property is at a record $1.997 trillion, with $20 billion in taxes funding public services, including schools and medical care.
Researchers at the Public Policy Institute of California found that residents moving elsewhere because of high housing costs tend to pick states with no income tax.
“Our analysis does indicate property value growth at this time and that’s certainly good news for property owners and for local governments,” County AssessorHe added: “However, the real estate market began more robustly in 2022 than it ended, and we will not be surprised if the sluggish market continues into the coming year.”
. The price peaked above $900,000 in June 2022. Redfin also noted that 4,874 homes were sold by June, a 20.7% decrease from this time last year.Affordable housing in California now routinely tops $1 million per apartment to build Heikkila said property assessments are only one tool in determining the strength of an economy that includes employment levels, inflation and GDP growth. He also said that “measures of inequality need to be considered.”
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