Jul 9, 2009 2:19 pm US/Pacific
LA County Property Value Dips 1st Time In 13 Years
LOS ANGELES (AP) ―
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An assessor's office report said the housing slump has caused L.A. County's total property value to decline for the first time in 13 years.
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An assessor's office report said the housing slump has caused Los Angeles County's total property value to decline for the first time in 13 years.
The report released Thursday said the overall value of property in the county declined by about $1 billion in value last fiscal year, as home values were reassessed downward.
The county's property roll now stands at about $1.1 trillion, a nearly 1 percent decrease compared with the year before.
It's the first decline since 1996. Since then, property rolls had increased an average of 7 percent in value each year.
Last year's biggest losers were the cities of Lancaster and Palmdale, which have been hard hit by the housing downturn. The commercial hubs of Irwindale, Vernon and Industry posted the biggest gains.
Click
here to read the complete report by the Los Angeles Tax Assessor.
Tax Assessor's Home Values:
Orange County: Down 1.23% | $5.2 billion loss
Los Angeles County: Down 0.09% | $1 billion loss
San Bernardino County: Down 6% | $11 billion loss
Riverside County: Down 10.5% | $25.5 billion loss
Ventura County: Down 2.34% | $2.5 billion loss
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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