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L.A. County assessed property values show first increase in three years

July 27, 2011 |  3:13 pm

http://latimesblogs.latimes.com/.a/6a00d8341c630a53ef0133ec6a30f4970b-320wi

For the first time in three years, the assessed value of all property in Los Angeles County has increased, according to a report released Thursday by the county assessor's office.

County property rolls gained $16.2 billion in value last fiscal year -- driven largely by sales and change of ownership of residential property, as well as new construction.

The uptick in values, nearly three years after the nation tumbled into a deep recession, gives reason for optimism that "the real estate market in Los Angeles County and California is growing stronger and continues to recover,” said county Assessor John R. Noguez. Other counties experiencing increased rolls include San Diego, Orange, Kern and Santa Clara. 

Property in the Los Angeles County is now valued at $1.1 trillion, a 1.49% increase over the year before, according to the assessor.

The new assessment roll covers 2.6 million residential and commercial properties, including business equipment, boats and aircraft, Noguez said in a statement.

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-- Garrett Therolf at the L.A. County Hall of Administration

Photo: House under construction. Credit: L.A. Times

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