Local News in Brief : Tax Windfall Expected
Los Angeles County and its 85 cities, along with local school districts and special districts, are likely to share an extra $300 million in property tax revenue this year even without any increase in tax rates, county Assessor John Lynch said Monday.
In releasing his annual economic forecast, Lynch estimated a record $342-billion property tax roll for fiscal year 1988-89, an increase of nearly 10% above last year’s figure.
A final roll figure will not be available until August, Lynch said, which may push the total valuation increase slightly higher than his current forecast.
Every year, the assessor’s office places values on more than 2.2 million parcels of land, including 300,000 businesses. In addition, reassessments are made after some 400,000 annual transfers of title. Excluded from the county tax roll are public utility valuations, which are handled by the state Board of Equalization.
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