The assessed value of taxable property in Los Angeles County, California rose by 4.7% in 2013, hitting an all-time high of more than $1.1 trillion. A significant recovery in the housing market is being credited for the $50.3 billion value increase from last year.
"This represents the third straight-roll increase," Deputy Chief Assessor Santos Kreimann said in the latest annual report. "It provides a strong indication that the real estate market is recovering."
Municipalities and school districts derive property tax revenues based upon the assessed property values within their jurisdiction. As a result of increases in assessed value, many cities will receive additional local tax revenues to pay for public services.
The highest valued municipalities are listed in the table below.