The assessed value of properties in Los Angeles County jumped by 6.13 percent over the past year, marking the fifth consecutive annual increase, according to figures released Monday by the assessor’s office.
This year’s roll put property valuation in the county at $1.26 trillion, an increase of $73.1 billion over the last year.
Residential real estate sales were the largest contributors to the year- over-year increase, representing 3.09 percent of overall growth, according to the assessor’s report.
The fastest growing among the county’s 88 cities last year were West Hollywood at 9.8 percent growth, Beverly Hills at 9.1 percent, Arcadia at 8.8 percent, Palmdale at 8.3 percent and Manhattan Beach at 8.1 percent.
The total assessed value for the City of Los Angeles was $500.4 billion, which represents an increase of 7.2 percent over last year.
The assessment roll showed increases of 5.47 in 2014, 4.66 in 2013, 2.2 in 2012, following three years of modest growth or declines, according to the county.
The assessment roll is the foundation of the county’s property tax system and forms the basis from which municipalities, school districts and special districts derive property tax revenue used to fund vital public services such as public safety, education and transportation.
“The 2015 Assessment Roll provides a comprehensive view of the strength of the Los Angeles real estate market,” said Assessor Jeffrey Prang, who took office last December.
“The roll illustrates that in the last year, every city in Los Angeles County recorded an increase compared to 2014. I am pleased to report the 6.13 percent increase for assessed property values in Los Angeles County is the largest increase since 2010.”
To read the 2015 Annual Report, click here.
— City News Service