One of the important tasks of our business development is to analyze and assess the property tax situation in Leimert Park Village (LPV). To begin the tax assessment, the first step is to look for the net taxable value of each property in LPV. Based on the data from Zimas, Los Angeles Assessor Map and LA Open Data Project, 40 properties are found and the map is shown as below
It is obvious that the LPV has more than 40 unique addresses. But because many of them are under a unique Assessor Identification Number (AIN), there are only 40 properties are being studied. For different types of property, the tax rates are different, which ranges from 0 (government owned) to 1% (general commercial property). Besides pay property tax, property owners in LPV also need to pay tax to water district, school district and community college district. The tax summary in LPV is calculated as below
|Total Property Tax||$152,150.19|
|Community College District||$1,573.39|
|Total Tax Due||=$172,681.38|
From the table above, we can see that LPV is paying total $172,681.38 to the community annually. Compared to a normal resident property ($4200 annual tax payment), $172,681.38 is about 40 times greater, which fulfills the 40 property parcel in LPV. But since this area is mainly of business, such annual tax payment indicates that the properties in this area need improvement and revitalization. By introducing more businesses into LPV, only the businesses demographic will become more variety, but property owner will have more income. It will be a win-win situation to both property owners and the community. When the community gets prosperous, the property owners have more income to invest into their property, which ultimately indicates higher tax payment into the community.