I am pleased to present the 2017 Annual Report for the County of Los Angeles on behalf of the employees of the Office of the Assessor. This report reflects strong economic growth, a record-setting increase in the value of taxable property, and the outstanding progress being made by the Office of the Assessor in modernizing technology systems to enhance efficiency and better serve the public. For 2017, the Assessment Roll produced by the Office of the Assessor shows the net value of all taxable property within Los Angeles County at a record $1.416 trillion – a 6.04% increase over the previous year. This is the seventh consecutive year of growth in assessed values for the County, demonstrating the continuing strength of the real estate market and high demand for new multi-family residential properties. The Assessment Roll contains the details of over 2.4 million taxable real estate parcels, 170,000 business personal property assessments, 26,000 boats, and 3,000 aircraft. The diligent work of the Assessor’s Office in discovering and enrolling all property through this annual valuation effort serves as the foundation for a property tax system which generates over $13.5 billion in revenues relied upon by the 35 departments of County Government, 88 cities, 81 school districts, and numerous special districts. Although the Assessor’s Office is not a tax collection agency, revenue is a key by-product of our function, producing funding for vital services by first responders, teachers, doctors, nurses, lifeguards, public works professionals, and so many others. This report further highlights significant accomplishments within the Assessor’s Office as we strive to improve service to taxpayers. For instance, technological advancements are already increasing productivity as we continue implementing the Assessor Modernization Project (AMP). The One-Stop Public Counter is providing convenient services to tens of thousands of taxpayers. Unprecedented amounts of property and assessment data are now available to the public on one website. For small businesses, easing the tax burden while achieving greater efficiency have been the results of changes in the Low Value Ordinance for personal property and possessory interest assessments. These and other improvements demonstrate the commitment and dedication of the men and women who make up the Assessor’s Office. It is a privilege to serve the people of Los Angeles County and to present this Annual Report. As always, please do not hesitate to contact us should you have any questions or require additional information. Sincerely, JEFFREY PRANG Assessor SERVING THE PUBLIC A Year of Growth and Progress 4