Los Angeles County assessor briefs Pico Rivera on property values, disaster relief and tax programs

Jeffrey Prang, Los Angeles County Assessor, told the Pico Rivera City Council on March 11 that the countywide assessed value of taxable property exceeded $2 trillion in 2024 and reviewed programs that can reduce bills for homeowners, including disaster relief for properties damaged by recent fires.

Prang said the county's total assessed value grew about 4.85 percent in 2024 and that transfers and the 2 percent annual increase permitted under Proposition 13 were the two largest drivers of that growth. "I do not collect property taxes," Prang said. "We are essentially real estate appraisers; we determine the value of your property." He said the assessor's office values roughly 2.5 million parcels and business assessments and that the office has about 1,400 employees and a budget exceeding $200 million.

The assessor summarized two programs meant to help homeowners after disasters. The "misfortune and calamity" provision allows a reassessment downward for damaged or destroyed structures: if a property is destroyed the assessed value of improvements can be reduced to zero; partial damage can be reduced proportionally. Prang said damage must exceed $10,000 and applications are required within 12 months. He also described "decline in value" adjustments for homes that were not destroyed but lost marketability because of factors such as post-fire contamination.

Prang urged broader uptake of the homeowners exemption, saying as many as 40 percent of eligible Pico Rivera homeowners may not have applied. He said the exemption can reduce assessed value by about $7,000, saving roughly $70 a year in property tax in the example he gave. He also described other county programs for veterans, seniors, the disabled and nonprofits.

On fraud prevention, Prang described a free homeowner alert service that sends an email within 48 hours when a document is recorded against a property and an online assessor's e-service account to update mailing addresses and apply for exemptions.

Council members thanked Prang, and Mayor Pro Tem Gustavo Camacho asked about the fiscal impact of recent fires; Prang estimated a loss in roll value from those fires between $20 billion and $30 billion and said that could equal roughly $200 million in lost property tax revenue spread over several years. Council members asked how to access the homeowners exemption; Prang pointed to assessor.lacounty.gov and a QR code on his handout.

The presentation was delivered as a special presentation early in the March 11 meeting and drew brief council discussion but no formal council action.

Prang closed by offering to answer questions and encouraging city staff to help promote the homeowners exemption to residents.