Property Values Up Over 2011 Says County Assessor

Property values are going up in Los Angeles County, according to the Assessor's Office, which announced today a 2.24 percent jump in the total assessed value of properties on the tax roll.

The total assessment of properties in the county is more than $1.13 trillion, a $24.8 billion jump over last year, according to the Assessor's Office. 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.

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 and South Pasadena at 3.8 percent. 

Hermosa Beach property values increased 3.0 percent during the same time. Neighbor Redondo Beach increased 2.7 percent. The other three cities on the Palos Verdes Peninsula made the following gains in property values: Rolling Hills Estates, 3.5 percent; Palos Verdes Estates, 2.6 percent, and Rancho Palos Verdes, 2.5 percent.

-- Patch editor Liz Spear contributed to this report.