LOS ANGELES COUNTY : Increase in Property Values Slows, Up Only 6.1% in Year
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In a reflection of the recession’s impact on the local economy, the assessed value of property in Los Angeles County increased 6.1% over the past year, a rate significantly slower than in the previous 12-month period, according to a report released Monday.
Los Angeles County Assessor Kenneth P. Hahn said the assessed value of taxable property in the county is $480.6 billion. Property values increased 9.1% during the previous 12 months. Hahn said the decline in the rate of increase was caused by the sluggish economy and a slowdown in new housing construction. Property values increased fastest in the San Gabriel Valley city of Bradbury (11.3%) and decreased most in Carson (1.15%).
The value of business property experienced almost no growth. “Indications point to a continued flattening in this area as aerospace and defense industries continue to reduce operations,” Hahn said.
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