Manhattan Beach was among the top cities in Los Angeles County in overall growth of property values for 2015, according to an annual report released Monday by the county assessor.
Among the 88 cities in the county, the affluent beach community placed fifth —behind West Hollywood, Beverly Hills, Arcadia and Palmdale — in property assessment growth at 8.1 percent.
The assessed value of all property throughout the county increased 6.13 percent in 2015 at a net value of $1.26 trillion, county Assessor Jeffrey Prang announced in July. The increase was fueled by home sales, new construction and inflation. It was the largest increase among five consecutive years of growth following the downturn of the economy during the Great Recession.
The city of Los Angeles remains the highest valued city in the county with $500 billion in assessed property values. Property values in the city of Los Angeles grew by 7.2 percent in 2015. The city of Long Beach is the next highest valued city in the county with $50 billion in assessed property values. However, it is among the cities that experienced the least amount of growth in 2015, with a 2.5 percent increase.
Among South Bay cities, Torrance experienced the least amount of growth in 2015 at 3.5 percent. The next lowest rate of growth in assessed property valuation was Carson at 3.9 percent.
Among the four Palos Verdes Peninsula cities, Rolling Hills came in on top at 6.6 percent, followed by Palos Verdes Estates at 6.0 percent, Rancho Palos Verdes at 4.7 percent and Rolling Hills Estates at 4.2 percent.
Aside from Manhattan Beach, the other South Bay beach cities came in as follows: Hermosa Beach, 6.6 percent; El Segundo, 5.9 percent; and Redondo Beach, 5.0 percent.
Among inland South Bay cities, Inglewood topped the list at 6.3 percent, followed by Hawthorne at 6.0 percent, Gardena at 5.5 percent and Lawndale and Lomita, both at 5.3 percent.
The assessment roll is used by the county Auditor-Controller’s Office to determine the tax assessment for each property. The county tax collector/treasurer sends out property tax bills and collects the tax revenue, which is dispersed to the county, cities and school districts.
Comments