The assessed value of all property in Los Angeles County for 2015 has jumped by 6 percent, the largest increase in five years, according to the county assessor’s office.
County property is now valued at $1.32 trillion, after five consecutive years of growth, said Assessor Jeffrey Prang.
Prang said most property has reached or is nearing pre-recession levels.
“There’s not enough supply and a lot of demand so values are pushed through the roof,” Prang said.
Different parts of the county are growing in value faster than others.
“You’re going to see a much higher increase on the Westside and parts of the San Gabriel Valley and South Bay,” Prang said.
He said that property value is growing more slowly in the northern part of the county such as the Antelope Valley, Palmdale and Lancaster.
But Prang pointed out every city in the county saw some kind of growth – good news for local governments that depend on the tax revenue.
“An increase in the assessment roll means there is more money going into public safety, health care, education and infrastructure,” Prang said.