Property values in LA County drop $18 billion from 2009

The further reduction in overall assessed value should give additional property tax breaks to many homeowners, especially those who bought at the peak of the real estate market in 2007.

Specific information on property taxes was due out later this month or next as the assessor's office analyzes the numbers.

The overall decline in assessed valuation, which impacts the amount of revenue schools and other government agencies receive, means most areas of the county will see less revenue.

Still, other areas, like Pasadena and San Gabriel, will see an increase in revenue based on the increased assessments there, Quon said.

"Of course, the impact will be spread unevenly," Quon said. "Some cities will see a decrease and some cities will see an increase."

The $1.089 trillion total combines assessed values of 2.6 million homes, businesses and other properties in Los Angeles county. That represents a 1.7 percent decline over the previous year.

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