Property Assessments Rise in Valley-Area Cities

Signaling a continuing upswing in the local economy, assessed property values rose during the past year in cities in the San Fernando, Santa Clarita and Antelope valleys while most other cities in the county suffered a drop, the county assessor’s office reported Monday.

Overall, the county’s 1996-97 property tax assessment roll declined by .5%, or $2.6 billion this year, the first time in recent years that the roll has declined in consecutive years, the assessor’s office said. Last year, the roll dropped by $10.2 billion countywide.

In the city of Los Angeles, which includes most of the San Fernando Valley, the $185 billion in assessed property value represented a 1.3% drop.

In other cities in the San Fernando, Santa Clarita and Antelope valleys, however, assessments increased by more than 1%, according to a summary of the tax rolls conducted by the assessor’s office.

The increase in assessments means that the value of land, homes, businesses and other property in the Valley area has increased. The assessments are used to calculate the value of real estate taxed by the state and county governments, cities, schools and special districts.

“When the economy took a downturn, people didn’t want to improve their property, but now I think there is some renewed confidence on the part of people in the Valley area,” said Gilbert Parisi, a special assistant to the assessor.

“The increase is probably a combination of people deciding to buy homes, more building, and people who are adding a family room, a bathroom, a kitchen. Maybe they don’t want to move, so they are adding space.”

The biggest increase in values in the Valley area was registered by Agoura Hills, which rose 1.41% to $2 billion in total assessed value.

The biggest loser was Lancaster, which slipped 2.02% to $4.45 billion. The assessor’s report blamed the decline on an oversupply of housing following the decline of the area’s aerospace industry.

“This oversupply and a large number of foreclosures continued to adversely affect market values in the Lancaster area,” the report stated.

The biggest drops countywide occurred in Carson, which fell 8.12%, and El Segundo, which dropped 6.09%. The biggest gains were made by Baldwin Park, which jumped 6.7%, and Bradbury, which rose 6.41%.

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Assessed Valuations

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CITY % CHANGE AMOUNT Agoura Hills up 1.41% $2 billion Burbank up 1.39% $8.4 billion Calabasas up 1.08% $2.5 billion Palmdale up 1.33% $4.98 billion San Fernando up 1.58% $740 million Santa Clarita up 1.17% $7.9 billion Glendale down .47% $11 billion Hidden Hills down .90% $432 milllion Lancaster down 2.02% $4.45 billion Los Angeles down 1.3% $185 billion

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