Los Angeles County’s typical homeowner paid 73% more in property taxes vs. average American
Los Angeles County’s typical homeowner paid 73% more in property taxes last year than the average American.
With the next installment of local property taxes due on April 10, we wanted to put this slice of real estate’s financial pain into context with the help of figures from Attom Data Solutions. California property tax bills can appear relatively modest on a national basis because Proposition 13 dramatically limits the growth in levies on property assessments and the charges against those valuations.
Here’s what was learned about Los Angeles’s property taxes when compared to the 141 giant U.S. counties with populations greater than 500,000 …
1. Average bill: The common Los Angeles County tax bill was $6,050 in last year — No. 44 out of the 141 largest U.S. metro areas. The average U.S. tax bill was $3,498 in 2018.
Effective rate: That local tax bill translates to a 0.73% effective tax rate — No. 124 nationally — compared to an estimated residential value of $824,362 — No. 8 for home pricing among big metro areas. The effective U.S. rate was 1.16% on an average $300,724 residence.
3. Total collections: Los Angeles County’s homeowner levies in 2018 totaled $8.73 billion — No. 1 — nationally. That’s 2.87% of the $305 billion in property taxes collected nationally.
4. Tax changes: By this math, Los Angeles County payments rose 5.86% in a year vs. 2.9% nationally. Remember, Prop.13 has no limits on new taxable valuations when homes are sold — so appreciation can boost overall tax collections.
5. Statewide tax bills: $5,354 ranked No. 8 among the states and was 53% above the common U.S. levy.
6. California’s effective tax rate: 0.76% — No. 36 in the U.S. — on an average home valuation of $700,471 — No. 3 nationally.
7. California collections: $40.33 billion in 2018 — up 5.9% in a year (No. 12 nationally) and 13.2% of all U.S. property taxes paid.
Author: Jonathan Lansner
Source: Los Angeles Daily News