Newport leads county in property value increases at 5.21%

Newport Beach posted Orange County's highest increase in assessed property values this year, according to the Orange County assessor's office, which recently released its 2013-14 Local Assessment Roll of Values.

The 5.21% increase from the city's 2012-13 values was attributable in part to "investments we have made in our infrastructure, harbor and public facilities," Mayor Keith Curry said in a statement.

"Our leadership in assessed valuation growth shows that Newport Beach continues to be among the most financially strong, desirable and vibrant cities in America," he said.

Property taxes make up almost half of the city's operating revenue, according to a news release.

Laguna Beach saw the second-highest increase, at 4.68% over last fiscal year, followed by Villa Park at 4.66%.

Irvine saw the next largest increase at 4.53%.

Costa Mesa's increase came in at 3.79%.

Huntington Beach, meanwhile, saw a 3.8% increase.

Newport's total local assessed value came in at about $42.3 billion — the second highest in the county, after Irvine, which had a total assessed value of about $50.8 billion.

In third was Anaheim, the county's biggest city, which had a taxable value of $36.3 billion. Anaheim also saw the lowest growth in taxable property values: 1.16%.

Still, according to an assessor's office news release earlier this month, all Orange County cities saw growth in net taxable values for the first time in six years.

Overall countywide, the Roll of Values increased by 3.36%, or about $14.3 billion, for a total of $442.8 billion.

Last fiscal year, a July 2012 assessor's office news release said, the countywide total was up by 1.92%, or $8.07 billion more than the 2011-12 year.

Many areas in the county are showing "significant recovery" in the real estate market, the assessor's office release said.

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