There’s some good financial news for Los Angeles County – the region’s property values increased for the second consecutive year.
A bump in value means more tax revenue for local cities. The Assessor’s Office calculated $1.13 trillion in value, which is a 2.24 percent increase from last year.
The City of Los Angeles is the highest-valued city at $419.1 billion. Other top municipalities are:
- Long Beach: $44.1 billion
- Santa Monica: $25.7 billion
- Torrance: $24 billion
- Glendale: $23.5 billion
Employees with the Assessor’s Office reviewed more than 2.6 million commercial and residential properties, plus undeveloped parcels. The annual report was released by Santos Kreimann, the chief deputy assessor who is running the office in the absence of Assessor John Noguez.
Noguez is on a voluntary leave of absence while the District Attorney’s office looks into allegations that values were improperly lowered for the assessor’s supporters. A former county appraiser, Scott Schenter, has been charged with 60 felonies for allegedly cutting property valuations to the tune of $170 million. He has pleaded not guilty.