Total value of Downey real estate increased by $540 million last year
DOWNEY -- The total value of Downey real estate increased by $540 million last year, a 5.1% jump, according to data included in the Los Angeles County Assessor's 2017 annual report, which was released last week.
The report reflects strong economic growth and a record-setting increase in the assessed value of all taxable real property and business personal property in the County of Los Angeles.
The report includes an updated ranking of the county’s 88 cities, including the highest valued cities and those with the highest percentage change from the prior year.
“The 2017 Annual Report helps the public easily access information about the Office of the Assessor, including how property values in each area of the county changed during the last year,” said L.A. County Assessor Jeffrey Prang.
The 2017 Assessment Roll provides a comprehensive view of the strength of the Los Angeles County real estate market. It reveals that in the last year, every city in Los Angeles County recorded an increase in assessed valuation compared to 2016.
“I am pleased to report that the 6.04% increase in assessed property values in Los Angeles County represents the seventh consecutive year of growth,” said Prang.
The net assessed value, (excluding non-profit, homeowners’, and disabled veterans exemptions, and other State exemptions) is $1.416 trillion, $80.6 billion greater than in 2016.
The top five highest valued cities for 2017 are the City of Los Angeles, with an assessed valuation of $568 billion (6.6% increase), Long Beach ($54.0 billion, 5.0% increase), Santa Monica ($34.4 billion, 3.8% increase), Beverly Hills ($31.9 billion, 9.1% increase), and Santa Clarita ($30.7 billion, 7.1% increase).
The top three fastest growing cities in the county in 2017 were El Segundo at 11.6% growth, Hawaiian Gardens at 10.9%, and Avalon at 9.3%. The growth is attributed to a strong real estate market and increasing demand for new multi-family residential properties.