Property values in West Hollywood have increased 8.3% since last year, the fourth highest rate of increase in all of Los Angeles County.
The increase is noted in the L.A. County Assessor’s 2017 annual report, which was released on Friday and can be viewed online. The report lists West Hollywood as ranking 18th among Los Angeles County’s 88 cities in the assessed valuation of its property. That valuation is $11.4 billion.
Every city in Los Angeles County recorded an increase in assessed valuation compared to 2016, according to the report.
“I am pleased to report that the 6.04% increase in assessed property values in Los Angeles County represents the seventh consecutive year of growth,” said L.A. County Assessor Jeffrey Prang. The net assessed value, (excluding non-profit, homeowners’, and disabled veterans exemptions, and other state exemptions) is $1.416 trillion, $80.6 billion greater than in 2016.
The top five highest valued cities for 2017 are the City of Los Angeles, with an assessed valuation of $568 billion (6.6% increase), Long Beach ($54.0 billion, 5% increase), Santa Monica ($34.4 billion, 3.8% increase), Beverly Hills ($31.9 billion, 9.1% increase) and Santa Clarita ($30.7 billion, 7.1% increase).
The top three fastest growing cities in L.A. County in 2017 in terms of assessed property values were El Segundo at 11.6% growth, Hawaiian Gardens at 10.9% and Avalon at 9.3%. The growth is attributed to a strong real estate market and increasing demand for new multi-family residential properties.
The report notes there are 6,607 parcels of land occupied by single-family homes in West Hollywood. Another 2,060 parcels contain multi-unit residential buildings, and 954 are business sites.
Cities whose assessed property values increased by a larger percentage than that of West Hollywood were El Segundo (11.6%), Hawaiian Gardens (10.9%), Avalon (9.3%) and Beverly Hills (9.1%)