Property values are going up in Los Angeles County which, according to the assessor's office in its annual report released Monday, represents a 2.24 percent jump in the total assessed value of properties on the tax roll. The increase represents the second straight year of growth in the total property assessment roll.
The total assessment of properties in the county is more than $1.13 trillion, a $24.8 billion jump over last year. When tax-exempt assessments and state-funded homeowners' exemptions are factored in, the county's net assessment roll is $1.079 trillion, up 2.2 percent from last year.
The assessor's office called the growth "great news" for a majority of municipalities in L.A. County and a "sign of continued economic recovery."
Not surprisingly, the city of Los Angeles has the highest assessed value in the county at $419.1 billion -- up 2.5 percent from last year. Long Beach placed second at $44.1 billion.
Beverly Hills had the highest year-to-year jump in valuation, up 6.5 percent. Other cities with sizable jumps in assessed value were Rolling Hills at 6 percent, Bradbury at 5 percent, San Marino at 4.9 percent, Arcadia and Monterey Park at 4.7 percent, Santa Monica at 4.6 percent, Manhattan Beach at 4.3 percent, La Canada Flintridge at 4.0 percent, South Pasadena at 3.8 percent and Culver City only 1.6 percent.