The Los Angeles County Assessor’s office released its 2015 Annual Report today, finding Long Beach as the second-highest valued city in Los Angeles County, valued at $50.1 billion this year, with a 2.5 percent recorded increase in property value.
The report captures what the county’s property tax system is based upon.
“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 Assessor Jeffrey Prang in a statement. “This report also includes detailed information on each of the 88 cities in Los Angeles County.”
Long Beach’s property value increase was recorded from 107,999 total residential parcels: 79,673 single-family residential parcels, 18,393 condo parcels, 16,979 apartment building parcels and 5,883 commercial-industrial parcels.
According to a release issued from the LA County Assessor’s office, the City of Los Angeles was the highest valued city, at $500.3 billion in value and a 7.2 percent increase over the previous year, while Long Beach was the second-highest valued city and Santa Monica was the third, valued at $31 billion with a 7.3 percent increase over the previous year. Beverly Hills ($27.8 billion, 9.1 percent increase) and Santa Clarita ($27.3 billion, 4.7 percent increase) rounded out the top five highest-valued cities in the county.
The top five fastest growing cities were:
- West Hollywood (9.8 percent growth)
- Beverly Hills (9.1 percent growth)
- Arcadia (8.8 percent growth)
- Palmdale (8.3 percent growth)
- Manhattan Beach (8.1 percent growth)
Editor's note: An early version of this article erroneously reported value of the City of Long Beach as $50.1 million; the correct value is 50.1 billion. The error has been corrected.