The assessed value of all property in Los Angeles County increased for the first time in three years.
County assessor John Noguez said in a statement that property rolls rose 1.49%, or $16 million, to $1.1 trillion in fiscal 2011 compared to a year earlier. He said it was the first rise after two years of downturns.
“We should be optimistic that this increase in the 2011 roll indicates the real estate market in Los Angeles County and California is growing stronger and continues to recover,” Noguez said.
Property assessments based on residential sales and changes of ownership added $12.8 billion in assessed values. New construction contributed an additional $3.9 billion, according to the assessor.
The increases offset lower assessments due to the city of Los Angeles’ struggling housing market as well as lower personal business property values, according to Noguez.
The assessor added that the reversal of last year’s negative inflation based on the California consumer price index played a major roll in raising property values.
San Diego, Orange, Kern, and Santa Clara counties also experienced higher rolls, according to the statement.
Measured by assessed property, Los Angeles County is the highest-valued municipality in the country.