County property valuations still on the rise

Despite the slumping real estate market, Assessor Rick Auerbach says the 2008 Los Angeles County tax roll showed a 6.9 percent increase over the previous year.

The $1.1trillion tax roll benefitted from the "stabilizing" effects of Proposition 13, Auerbach said.

According to records, negative growth in the county's assessed valuation has occurred only twice- in 1995 and 1996- following the passage of Prop. 13 in 1978.

"In a rising market, because of the 2 percent increase cap included in Prop. 13, assessed values do not keep pace with market values," Auerbach said. "On the other hand, in a market such as we now have, the cap keeps us from experiencing a dramatic decrease in assessed value."

Home sales and changes in ownership requiring a reassessment under Prop. 13 were the largest component of the $71.1-billion increase over the previous $1.04trillion roll, the assessor's office said.

Residential and commercial property in Agoura Hills was assessed at $4.1 billion, a 5.8 percent increase over 2007. Agoura Hills has 7,140 single family residential parcels and 384 commercial parcels.

The valuation on Calabasas properties was $6.57 billion, which is 6 percent ahead of the previous year. Calabasas has 7,790 residential and 252 commerical parcels.

Westlake Village property was valued at $2.99 billion, up 8.5 percent. Westlake has 3,235 residential and 180 commercial properties.

Officials are sponsoring a series of seminars in Glendale, Van Nuys and Culver City to assist property owners who feel their taxes should be lowered due to a decline in value. For information, call (213) 974-4240 or visit www.bos.co.la.ca.us.