The total value of property last fell in the county during the recession of the mid-1990s. Property values dropped 1.7% in 1995 and 0.20% in 1996 before rebounding, said Robert Knowles, a spokesman for the assessor's office.
Last year, the median market value of a single-family home in L.A. County was $350,700, about $141,300 less than the year before. In 2007, the median home value also fell, but by far less -- $18,000, and that was after the value had been climbing for years.
Auerbach said he is watching to see if the surge in residential reassessments spreads to commercial real estate, which he expects. Commercial properties make up 31% of this year's property rolls.
A week ago the county began accepting reassessment applications from residential and commercial property owners who believe the assessed value on their 2008-09 tax bill is more than the fair market value as of Jan. 1. Property owners have until Nov. 30 to file. So far, the assessor has received about 1,800 applications from commercial property owners.
Auerbach said he would like to do a large-scale reassessment of commercial properties, but does not have the staff.
"We just don't have the time, and residential properties will have to be handled first," Auerbach said.
County leaders are watching to see how much ongoing reassessments will hurt county tax revenues, said Ed Corser, budget manager with the county's chief executive office.
"Property values have already dropped significantly and that still needs to bleed through to the tax base," Corser said.
Some studies have shown that county property rolls could drop 6% by 2011, Corser said -- the same year the county will face $100 million in added pension costs.
"That's when it will all hit home," Corser said
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molly.hennessy-fiske@latimes.com
