BOOM IN HOME PRICES BOLSTERS CITY TREASURY PROPERTY TAX REVENUE RISES 14.9% OVER PREVIOUS YEAR.Byline: Patricia Farrell Farrell, city (1990 pop. 6,841), Mercer co., W central Pa., on the Shenango River at the Ohio line and adjoining Sharon, Pa.; inc. 1901. It is a railroad center, and its steel- and ironworks industries have declined. Aidem Staff Writer SANTA CLARITA Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, - The hot real estate market means more than huge profits for sellers. It's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have contributed to a surge in property tax revenue for Santa Clarita's treasury. With the average house selling last month for a record $569,000, the city's share of property tax dollars increased 14.9 percent in the 2004-05 fiscal year over the previous year, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County Assessor's annual report released Thursday. ``A strong demand for new homes, resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. homes and commercial property continues to fuel the strong real estate market in Santa Clarita,'' according to the report. ``This demand has had significant impacts on both property values and changes of ownership.'' City officials had yet to examine the data Thursday to determine how much Santa Clarita will receive for the fiscal year that ended June 30 but earlier had estimated $7.8 million. Homeowners pay about 1.5 percent of the assessed value of their properties in taxes, the total of which is divided among the state, county, special districts, schools and cities. Property in Santa Clarita was assessed at $16.9 billion, the sixth-highest in the county and up from $14.7 billion in 2003-04. There are 50,926 parcels in the city, 46,065 of them single-family homes. Overall, the county collected $469.8 million in property taxes compared to $33.2 billion 30 years ago, and $486.8 billion in 1995. Santa Clarita, which receives about 6 percent of locally generated revenue, had the fourth-highest percentage change in property tax yield of the county's 88 cities. First and second on the list were two north county neighbors - No. 1, Lancaster with a 20.8 percent increase, followed by Palmdale with a 19.2 percent increase. The city of Hawaiian Gardens, up 16.7 percent, ranked third, and Lawndale (13.1 percent) ranked fifth. The increased revenue isn't necessarily something the city can count on year to year - real estate spikes spikes see peplomer. tend to level off, and property owners can have their parcels re-assessed to reflect the declining values. Patricia Farrell Aidem, (661) 257-5251 pat.aidem(at)dailynews.com |
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