L.A. County’s total property values rose during 2010 after two years of decline, according to county figures released Wednesday.
Los Angeles County Assessor John Noguez said that property values in Los Angeles County rose 1.5 percent to $1.1 trillion from Jan. 1, 2010 to Jan. 1 this year.
About three-fourths of the $16.2 billion jump in values came from residential sales transactions, where properties that hadn’t been sold in several years were reassessed at higher values when they sold. The rest came from new construction and from a jump in the inflation index used to calculate assessed home values under Proposition 13.
The increase in property assessments is good news for coffers of struggling local governments, which generally receive about 1 percent of assessed home values in property taxes. During the previous two years, declining assessed values meant less money coming in to local government, adding to pressure to cut spending on municipal services.
The complete property assessment report, showing changes in property assessments in each of the county’s 88 cities, will be released next month.
