Arcadia home values one of the fastest growing in LA County, assessor’s report says
Several cities in the San Gabriel Valley rank among the highest valued areas in all of Los Angeles County in 2015, according to a county assessor’s report released Monday.
The 2015 annual report by Los Angeles County Assessor Jeffrey Prang shows an overall 6.13 percent increase in the assessed value of all taxable property in the county. The new report reflects the fifth consecutive year of growth in the county, which is valued at a total of $1.26 trillion.
Here are some key numbers for the San Gabriel Valley.
• Arcadia was one of the fastest growing cities in the county in 2015 with an 8.8 percent increase in total assessed property values. The city’s assessed valuation, which includes residential and commercial property values, increased from $12.809 billion to $13.939 billion.
City Manager Dominic Lazzaretto said the growth rate reflects a continued trend of interest and investment in the city.
“There has been a lot of redevelopment in residential parts of town, along with some commercial investment in properties that have been resurfaced after remaining stagnant for a number of years,” Lazzaretto said.
• Pasadena (8), Arcadia (13) and West Covina (18) ranked among the top 20 cities with the highest property values in 2015 with total assessed valuations of $25.957 billion, $13.939 billion and $10.146 billion, respectively. While Pasadena saw a 6.5 percent growth in total assessed property values, West Covina’s property values increased by 5.9 percent.
“That’s very good news,” said West Covina City Manager Chris Freeland. “It shows that the economy is recovering in our community and both the residents see the value in coming here and the businesses see the value in investing in West Covina.”
• While all cities in the San Gabriel Valley saw increases in their property values, Irwindale was one of the slowest growing cities in the county with a 2.2 percent increase in total assessed property values.
The relatively small city consists of just 978 residential and commercial parcels — almost 14,000 fewer than neighboring Baldwin Park.
Staff writer Courtney Tompkins contributed.
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