L.A. County property values edge higher

assessor.jpgThe 2.5 percent increase for the county comes out to an extra $110 million $24.8 billion in taxes - good news for struggling cities. Higher valuations are also a relief for homeowners who remain underwater - that is, owing more than their property is worth. Beverly Hills had the biggest increase in valuation, at 6.5 percent, followed by Rolling Hills, at 6 percent. Values in Lancaster dropped by 1.2 percent. From NBC4:

The increase in overall value for property tax reasons does not mean that houses are selling at the inflated prices they commanded during the housing bubble, experts said. Indeed, some of the rise in assessed value came from homes bought for very little years ago, whose value for tax purposes rises very slowly under California's landmark Proposition 13 tax law. Still, taken together with an increase in the number of homes that are selling in the region each month - and the prices of those homes - the assessment report shows that real estate is making a recovery, said Jordan G. Levine, director of economic research at Beacon Economics in Los Angeles. "The pace of the improvement isn't really anything to write home about," Levine said. "But it's two years of consistent improvement."

Here are some percentage changes in L.A. County (from County Assessor's Annual Report)

1. Los Angeles +2.5%

2. Long Beach +2.6

3. Santa Monica +4.6

4. Torrance +0.5

5. Glendale +0.9

6. Beverly Hills +6.5

7. Pasadena +1.9

8. Santa Clarita -0.9

9. Burbank +1.6

10. Carson -0.1

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent Real estate stories:
Socal housing market going nowhere fast
Stability returns to housing market
Home flipping by and for the favored few
LA to get denser and denser and denser
Home sales cooling off a bit

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner

Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook