21 Aug 2014
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Patch Instagram photo by southbaysurfsessions
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Property Values Increase in Palos Verdes

Rolling Hills saw one of the highest year-to-year jumps in property values, according to the Los Angeles County Assessor's Office.

Property Values Increase in Palos Verdes

Property values are going up in Los Angeles County, according to the Assessor's Office, which announced Monday a 2.24 percent jump in the total assessed value of properties on the tax roll.

Rolling Hills saw one of the highest year-to-year jumps in valuation at 6 percent. Palos Verdes Estates saw a 2.6 percent increase; Rancho Palos Verdes a 2.5 percent increase; and Rolling Hills Estates a 3.5 percent increase.

The city with the highest year-to-year increase in the county was Beverly Hills, which had a 6.5 percent jump.

The total assessment of properties in the county is more than $1.13 trillion, a $24.8 billion jump over last year, according to the Assessor's Office. When tax-exempt assessments and state-funded homeowners' exemptions are factored in, the county's net assessment roll is $1.079 trillion, up 2.2 percent from last year.

Not surprisingly, the city of Los Angeles has the highest assessed value in the county at $419.1 billion—up 2.5 percent from last year. Long Beach placed second at $44.1 billion.

Rancho Palos Verdes was the only city on the Peninsula that ranked in the top 20 highest valued cities. It ranked at No. 15 with a total assessment of $9.78 billion—a 2.5 percent change over last year.

—Editor Nicole Mooradian contributed to this report.

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