South Pasadena is a healthy city when it comes to assessed property value, according to County Assessor Jeffrey Prang’s 2019 county-wide annual report.
The report showed that South Pas saw a 5.6 percent increase in its assessed value between 2018 and 2019.
The city’s total assessed valuation for 2019 was $5,126,775,641, compared to $4,857,084,075 in 2018.
By the numbers, the report shows 5,705 single-family dwellings in the city, along with 944 residential-income parcels and 384 commercial sites.
Residential-income parcels are bought or developed to earn income through renting, leasing and/or price appreciation. They are commonly referred to as non-owner occupied. Parcel refers to the buildings, not individual units.
The 2019 assessment rolls provide a comprehensive view of the strength of the L.A. County real-estate market. They reveal that, in the last year, every city in L.A. County recorded an increase in assessed valuation compared to 2018.
Among the county’s 88 municipalities, the three fastest-growing in terms of percentage were Inglewood at 25.7; Vernon at 13.2; and West Hollywood at 11.6.
The growth is attributed to a strong real-estate market and increased demand for new multi-family residential properties.
Prang reminded residents that the average growth does not mean property owners will be subject to corresponding increases on their annual property-tax bills. Nearly nine of 10 property owners will see only the 2 percent adjustment prescribed by Proposition 13.
The full assessor’s report can be found at assessor.lacounty.gov/ in the “Reports” subhead of the “News and Press” section.