LOS ANGELES – 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 last year.
Residential real estate sales were the largest contributors to the year- over-year increase, according to the assessor’s report. The fastest growing 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 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, visit: http://assessor.lacounty.gov/wp-content/uploads/2015/09/2015_annual_report.pdf.