For the first time in 13 years, the assessed value of all property in Los Angeles County has declined, according to a report released Thursday by the county assessor's office. County property rolls lost about $1 billion in value last fiscal year -- losses driven largely by downward reassessments of homes as the housing market has slumped. Property in the county is now valued at $1.1 trillion, a 0.09% decrease compared with the year before, according to the assessor's annual report. Setting aside tax-exempt property such as churches and nonprofit hospitals, the loss of value increases to half a percentage point. The drop marks a step back for the county, which had seen the value of property increase an average of 7% each year since 1996. Even so, officials said L.A. County has fared better than other Southern California counties. "Home values have declined and foreclosures are up," said L.A. County Assessor Rick Auerbach. "But not to the same extent as in neighboring counties. The real estate market is still a vital part of Los Angeles County's economy." Orange County announced earlier this week that its taxable property value dropped 1.2% last year, the first drop since 1994. Property value decreased 2.3% in Ventura County; 6% in San Bernardino County and 10.5% in Riverside County, according to assessors' reports.
Property in the county is now valued at $1.1 trillion, a 0.09% decrease compared with the year before, according to the assessor's annual report. Setting aside tax-exempt property such as churches and nonprofit hospitals, the loss of value increases to half a percentage point.
The drop marks a step back for the county, which had seen the value of property increase an average of 7% each year since 1996. Even so, officials said L.A. County has fared better than other Southern California counties.
"Home values have declined and foreclosures are up," said L.A. County Assessor Rick Auerbach. "But not to the same extent as in neighboring counties. The real estate market is still a vital part of Los Angeles County's economy."
Orange County announced earlier this week that its taxable property value dropped 1.2% last year, the first drop since 1994. Property value decreased 2.3% in Ventura County; 6% in San Bernardino County and 10.5% in Riverside County, according to assessors' reports.
You see? It's an outlier! A man of words and not of deeds is like a garden full of weeds; a man of deeds and not of words is like a garden full of turds — Anonymous
There, fixed. A man of words and not of deeds is like a garden full of weeds; a man of deeds and not of words is like a garden full of turds — Anonymous
