Great news for Sellers, and great motivation for Buyers. The LA Times reports the value of taxable property is on a steady incline.
The value of the taxable property in city of Los Angeles rose by 6 percent over last year’s figure, according to the 2014 Annual Report released on Wednesday by the Los Angeles County Office of the Assessor. The assessed values are the foundation of the property tax system and are used to divvy up tax revenue.
The aggregate value of property in the city was $467 billion, nearly half the county total of $1 trillion. The increases made the 2014 assessment roll the largest in County history. They reflect the fourth consecutive year of growth and a $62 billion increase from the prior year.
Long Beach had the second-highest property valuation, coming in at $49 billion, followed by Santa Monica at $29 billion, Santa Clarita at $26 billion and Torrance at $26 billion.
Bradbury, a city of about 1,200 about 22 miles northeast of downtown Los Angeles, experienced the greatest percentage increase in assessed value, rising 12 percent year over year. Lancaster came in second with a 10 percent increase, and Claremont, Palmdale and Arcadia followed closely, each with 8 percent increases. Five of the 10 cities with the largest increases in assessed valuations were in the San Gabriel Valley, pointing to increased investment in the area.
“Anecdotally, we understand that a substantial number of Chinese investors have been investing in residential and commercial real estate in the San Gabriel Valley,” said Anthony Crump, Special Assistant of Communications at the Los Angeles County Office of the Assessor. “While the largest factor for the increase this year was residential real estate, international investors are also pouring money into large mixed use projects in downtown L.A., including projects like the Wilshire Grand Tower and Metropolis.