P A R A M O U N T
PULSE BEAT
Paramount Chamber of Commerce (paramountchamber.com) • Serving the community since 1947 • September 2020
Assessment Roll shows solid Paramount growth By Jeff Prang, Los Angeles County Assessor
I
t’s that time again when my office undertakes its most important function of the fiscal year that lays the groundwork for the property taxes that pay for our vital public services: The Assessment Roll. The Roll for 2020 has been closed, and it reflects solid growth for Paramount and the rest of the County. However, this year the Roll has an added dynamic—the COVID-19 pandemic that I’ll discuss in a bit. First off, let me say that this comprehensive tally values more than 2.5 million real estate parcels in Los Angeles County and results in the very tax dollars that go to pay for vital public services, such as healthcare, police, fire, schools and even librarians, to name just a few. I am constitutionally mandated to close the Roll by the end of the fiscal year on June 30.
Total net value of $1.7 trillion I am pleased to announce that the 2020 Assessment Roll has a total net value of $1.7 trillion, indicating the tenth year of consecutive growth. That value places $17 billion in the hands of the County to be used for those public services I just mentioned. Locally, Paramount for 2020 came in at $4.6 billion for taxable values, which is a 6.6% increase over last year’s numbers. That includes 5,862 single-family homes, 1,493 apartment complexes, 1,945 commercial-industrial parcels for a grand total of 14,538 taxable properties. Growth is steady in Paramount. More importantly, that $4.6 billion translates into about $46 million for vital public services, such as public safety, healthcare and public education for Paramount. However, these figures are pre-COVID, and here’s how that works. Assessments are based on the value of property as of the lien date of January 1, 2020, which was a couple of months prior to the outbreak of COVID-19. Next year’s lien date of January 1, 2021, will tell a different story.
This year’s Roll comprises 2.58 million real estate parcels, as well as business assessments countywide. That includes 1,882,121 single-family homes, 250,089 apartment complexes, 247,562 commercial and industrial properties and more than 205,000 business property assessments. The 2020 Roll grew by $95.9 billion (or 5.97%) over 2019. In addition to the values of the County’s 2.38 million real estate parcels, this total amount reflects $87.91 billion in business personal property, which includes boats, machinery, equipment and aircraft. Since the Roll is the inventory for all taxable property in the County, it can provide some insight into the health of the real estate market. Although there was a slowdown in sales, there was continued growth in
property values. The Roll is also driven in large measure by real property sales, which added $49.6 billion to the Roll compared with 2019; the CPI adjustment mandated by Proposition 13 added an additional $30.8 billion; and new construction added $13.4 billion. Finally, as we move forward during this critical period, I hope everybody stays safe and healthy. This is a tumultuous time in our history—no question about that. But to repeat what has been said so many times before during emergencies that demand the best from us, this could be our finest hour.
In office since 2014, Los Angeles County Assessor Jeff Prang is in charge of 1,400 employees, the largest office of its kind in the nation that provides the foundation for a property tax system that generates $17 billion annually.
Food distribution reaches thousands
A
second successful food distribution in August served more than 2,500 households. Thanks to all who made it possible: the Los Angeles Regional Food Bank, Los Angeles County Supervisor Janice Hahn, the Los Angeles County Parks Department, Paramount Entertainment Center, Bianchi Theatres and volunteers from Emmanuel Reformed Church, the Paramount High School soccer team and Los Angeles County lifeguards and librarians. The City of Paramount provided logistics, security and lunch for the volunteers.
Economic impact of COVID-19 We need to be realistic, and although we don’t know yet for sure how next year will look, the pandemic has devastated the economy to levels only seen during the Great Depression. The reduction in sales tax revenue, the housing market slowdown and high unemployment are most likely going to have an adverse effect on the economy of Los Angeles County. Moreover, when COVID hit and we were all put under quarantine as required by the Safer At Home protocols, my force of nearly 1,400 employees went into a massive teleworking mode of operations. We have 85 to 95 percent of our workforce teleworking on any given day, and the transition has proved challenging. Some basics: The Assessment Roll contains the assessed value of all real estate and business personal property in the County’s 88 cities, along with the unincorporated areas. It also breaks down the number of single-family residential homes, apartments and commercial-industrial parcels.
Thank you, volunteers!
Local volunteers help with Census Thank you to members of Mujers Unidas Sirviendo Activamente (MUSA–Women United Serving Actively) and members of the local PTA who distributed door hangers in local neighborhoods last month to encourage folks to fill out the U.S. Census. An accurate count will help ensure that Paramount receives proper government funding (see page 15). For all of you who haven’t filled out the Census yet, you have until September 30 to do so. Please visit 2020Census.gov. It’s quick and easy.
PULSE BEAT Paramount Chamber of Commerce 15357 Paramount Boulevard Paramount, California 90723 Telephone: 562-634-3980 paramountchamber.com
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From the Mayor’s Desk.....................................................................................................................................................................................3 Global warming survey; ‘Unity in Community’ discussions; free solar power...........................................................................4 Public Safety: Homeless population drops..............................................................................................................................................5 PEP Talk: Remote learning resources.........................................................................................................................................................5 Chamber of Commerce Board of Directors and Ambassadors recognized.................................................................................6 Paramount market hours during pandemic............................................................................................................................................8 Business Corner: Help for small businesses duting pandemic.......................................................................................................9 Restaurant services available during pandemic...................................................................................................................................11 West Nile Virus warning................................................................................................................................................................................13 CityScape: Be counted in the 2020 Census!..........................................................................................................................................15