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LA County Property Values Hit Record High

by Scott Donald, Irvine, October 2013

 

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.

 

Highest Valued Cities in LA County

 

 

2013 Assessed Value
in Billions

% Increase

1.

Los Angeles

$440.5

5.1

2.

Long Beach

$46.9

6.4

3.

Santa Monica

$27.5

6.8

4.

Torrance

$25.1

4.4

5.

Glendale

$24.5

4.3

6.

Santa Clarita

$24.2

15.7

7.

Beverly Hills

$24.2

6.6

8.

Pasadena

$23.1

5.3

9.

Burbank

$19

3.0

10.

Manhattan Beach

$13.4

5.8