Downey property values rise 5% from 2014
DOWNEY -- Total property values in Downey rose 5% since last year, according to the Los Angeles County Assessor's 2015 Annual Report, which was released Monday.
The Annual Report, which can be viewed here, includes the assessed value of all taxable real property and business personal property in the county, along with detailed data on the different elements that make up the 2015 Assessment Roll.
Downey includes 19,761 single-family residential parcels, 1,200 condo parcels, 2,051 apartment building parcels, and 1,358 commercial-industrial parcels, for a total of 23,170 parcels. The Office of the Assessor processed 1,065 transfers in Downey last year.
The total assessed value for Downey is $9,997,810,783, which represents an increase of 5.0%.
In 2015, the City of Los Angeles remains the highest valued city at $500.3 billion, with a 7.2% increase over last year. Long Beach ($50.1 billion, 2.5% increase), Santa Monica ($31 billion, 7.3% increase), Beverly Hills ($27.8 billion, 9.1% increase), and Santa Clarita ($27.3 billion, 4.7% increase), round out the top five highest valued cities.
The fastest growing cities in L.A. County in 2015 were West Hollywood at 9.8% growth, Beverly Hills at 9.1%, Arcadia at 8.8%, Palmdale at 8.3%, and Manhattan Beach at 8.1%.
“The 2015 Annual Report will help the public easily find information about Assessor operations and major initiatives, how property values in their city changed in the last year, and much more,” said Prang. “This report also includes detailed information on each of the 88 cities in Los Angeles County.”
Valued at $1.26 trillion, the 2015 Assessment Roll is the largest in Los Angeles County history. It reflects the fifth consecutive year of growth and a $73.1 billion (6.13%) increase in total assessed value over 2014, resulting in approximately $730 million in additional property tax dollars.
The Assessment Roll is the foundation of the county’s property tax system and forms the basis from which municipalities, school districts, and special districts derive property tax revenue used to fund vital public services such as public safety, education, and transportation.
This is Prang’s first Annual Report since taking office last December.