VALUE OF L.A. PROPERTIES SOARS; TOTAL ASSESSMENTS IN COUNTY UP BY 6 PERCENT.Byline: Douglas Haberman Staff Writer Driven by a strong economy and sizzling siz·zle intr.v. siz·zled, siz·zling, siz·zles 1. To make the hissing sound characteristic of frying fat. 2. To seethe with anger or indignation. 3. real estate market, property values in 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 this year soared a combined $30 billion, or 6 percent, county Assessor Kenneth P. Hahn reported Monday. Westlake Village led all cities in the percentage of growth in assessed value at 13.1 percent, with property values pushed upward by demand for single-family homes, condominiums and commercial buildings, 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 assessor's annual roll. Not far behind were Hidden Hills, Calabasas and La Canada Flintridge, all cited for significant growth in the high-end market. The total assessed value of all properties in the county for 1999-2000 is $533 billion, up from $503 billion last year. The 6 percent increase was the largest since 1992, when it was 6.1 percent. ``Happy days are going to be here for a while,'' said Hahn, predicting that the growth in value will continue. The increase is good for government coffers, which will fill with the $300 million in property tax revenues that result from the $30 billion increase. It also should improve local governments' bond ratings, leading to lower interest rates that save taxpayers money, said Jack Kyser, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the with the Los Angeles County Economic Development Corp. Hahn's report is just one more sign ``the local economy is in recovery mode,'' Kyser said. With the sting of the early 1990s' recession still painful, the county's total assessed property value slid in 1995 and 1996. But it turned around again in 1997 and has grown ever since. The Antelope Valley This article is about the Los Angeles County region. For the census-designated place in Wyoming, see Antelope Valley-Crestview, Wyoming. The Antelope Valley is struggling to catch up, however. Still emerging slowly from the blow of aerospace industry downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing just when housing tracts were sprouting, Lancaster and Palmdale are among the cities still experiencing overall property devaluations. But ``I think they're starting to come around'' in terms of economic strength, Kyser said. Despite the countywide spike in total assessed value and skyrocketing values in the luxury market, the average single-family home in Los Angeles County still hasn't regained its 1992 value of $237,000. The average home is now valued at $228,600. ``Obviously we're clearly headed in the right direction,'' said Assistant Assessor Rick Auerbach Frederick Steven Auerbach (born February 15, 1950 in Woodland Hills, California) was an shortstop in Major League Baseball. He played from 1971-1981. See also
Hahn cited low interest rates, low unemployment and increased consumer confidence in explaining the continuation of last year's real estate boom. The strong economy produced a rise in new housing starts, commercial construction and sales of existing properties, he said. Stock market investors who saw remarkable gains competed for high-end housing, helping push values up significantly in that market segment, Hahn said. PROPERTY VALUE UP Here is the change in the value of real estate assessments at the start of this year, compared to 1998: City % change Agoura Hills 5.40 Burbank 5.14 Calabasas 9.93 Glendale6.49 Hidden Hills 10.75 La Canada Flintridge 9.90 Lancaster - 0.78 Los Angeles 6.83 Palmdale - 0.19 San Fernando San Fernando, city, Argentina San Fernando (săn fərnăn`dō), city (1991 pop. 144,761), Buenos Aires prov., E Argentina. It is a district administrative center in the Greater Buenos Aires area. 1.85 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, 7.61 Westlake Village 13.09 Total, incorporated areas 5.91 Total, unincorporated areas In law, an unincorporated area is a region of land that is not a part of any municipality. To "incorporate" in this context means to form a municipal corporation, i.e., a city or town with its own government. 5.06 Total, L.A. County 5.84 CAPTION(S): Box BOX: PROPERTY VALUE UP (see text) |
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