West Hollywood ranks No. 17 among 20 cities in Los Angeles County with the highest property valuation according to a report released from the L.A. County Assessor’s Office.
The report shows West Hollywood has an assessed valuation of $14.466 billion, an increase of 6.3% from the 2019 valuation. The total number of properties assessed was 11,347.
In a report of the valuations, Assessor Jeffrey Prang noted the total assessment roll of property in Los Angeles County had a valuation of $1.77 trillion, which was a 5.87% increase over the 2019 valuation. The $1.7 trillion in total net value translates to about $17 billion for public services such as fire, public health, and education. The role of the Assessor’s Office is to identify and value taxable property.
Prang, who is a former West Hollywood City Council member and mayor, noted that the 2020 assessment roll reflects a pre-COVID-19 market, with the valuations as of the Jan. 1, 2020 lien date.
“January 1, 2021 could tell a different story,” Prang said. “Decline-in-value relief will likely be available for many property owners due to COVID-19’s impact on the market. That relief will become available following the January 2021 lien date.”
The report shows that West Hollywood has 6,649 single-family homes and 2,048 “residential income” or apartment properties. It also has 1, 146 commercial/industrial properties.
Los Angeles ranked No. 1 in property valuation, which is no surprised given that it is the largest of the 88 cities in L.A. County by far. Its assessed valuation was $695.947 billion. Long Beach ranked No. 2 with a valuation of $63.475 billion. Santa Monica ranked No. 3 with a valuation of $42.272 billion. Beverly Hills ranked No. 4 with a valuation of $39.013 billion, and Santa Clarita ranked No. 5 at $37.218 billion.
While West Hollywood saw a 6.3% increase in property values, others among the 88 cities in L.A. County saw higher percentage increases. Assessed valuation increased by 13.69% in Inglewood and 10% in Culver City, for example.
The report can be downloaded here and is available online at assessor.lacounty.gov.
Very interesting.
Hi Joshua-
Agreed! Another commenter previously (possibly you?) tied Culver City’s ascendance partly to their new rail lines.
10% growth in assessed value in one year? Not too shabby, as Adam Sandler would say! Get on board, WeHo!