L.A. assessed valuations projected to jump in 2013

Here's another explanation for the improving fiscal outlook: Property is gaining in value. L.A. County is expected to see a 4.23 percent increase in revenue-producing valuation, to $1.125 trillion, according to the assessor's office. Changes in ownership, which include the sale of homes, is expected to increase by $18.5 billion. This, of course, is good news for local governments, which will be taking in more in tax revenues - thus easing their budget problems - and it's also good for homeowners who have seen the value of their properties creep back up after several down years. Property tax revenue for the city of L.A. is already coming in above budget projections for 2012-2013, although budget officials have been somewhat concerned about the durability of the recovery. By way of perspective, county valuation totaled $1.07 trillion in 2012, $823.7 billion in 2005, $569.6 billion in 2000, and $412.8 billion in 1990. From the forecast:

The previous decline in the real estate market resulted in decreasing assessment rolls from 2007 through 2010. The 2011 and 2012 assessment rolls reflected modest increases of 1.49 percent and 2.24 percent, respectively. Based on a variety of indicators, the Office of the Assessor estimates that the 2013 Assessment Roll will increase by approximately 4.23 percent. The estimate is based on the best information available at this time; however, there are several areas that are subject to change as new trends emerge.