The total value of property in Los Angeles County has declined for the first time in 13 years. KPCC’s Cheryl Devall says an assessor’s report released today charted the slump.
The value of assessed properties in Los Angeles County is a bit over $1 trillion. That may sound like a lot, but it’s about 1 percent – $1 billion – less than in the last fiscal year. That represents a drop in the assessed value of homes in the county after several years in which that value rose an average of 7 percent a year.
The county assessor reviewed the values of 473,000 residential properties and lowered valuations on almost three-quarters of them. Average housing values in Lancaster and Palmdale slumped the most.
Although assessed value declined and foreclosures increased, the assessor said that L.A.County fared better than neighboring counties on the real estate front. Some areas of L.A. County, including industrial enclaves like Industry, Irwindale, and Vernon, still recorded higher property assessments than average.