LANCASTER — The cities of Lancaster and Palmdale are among the top 20 highest-value cities out of 88 cities in Los Angeles County, according to the Los Angeles County Assessor’s 2019 annual report.
Lancaster tied with Santa Clarita for the third-highest growth city in assessed property value last year. Palmdale was ninth.
Lancaster’s assessed valuation was more than $12.7 billion, up 7.8% from the 2018 number of more than $11.7 billion. Palmdale’s assessed valuation was more than $13.6 billion, up 5.7% from more than $12.9 billion in 2018.
Countywide, the City of West Hollywood had the highest growth in assessed value with a 11.6% increase from 2018. El Segundo was second at 8.6%. Los Angeles was fourth with 6.8%. Beverly Hills was fifth with 6.7%
Rounding out the top 10 were Downey at 6.5% and Glendale at 6.4%. Manhattan Beach and Redondo Beach tied for eighth at 6.1% each. Long Beach and Santa Monica tied for 10th at 5.5% each.
The top five highest valued cities for 2019 are the City of Los Angeles, with an assessed valuation of $652.9 billion, Long Beach, at $60.2 billion, Santa Monica, at $39.5 billion, Beverly Hills at $36.6 billion and Santa Clarita at $30.7 billion.
Palmdale had the 16th highest assessed valuation in the county. The City has 41,368 single-family residential properties, 420 residential income properties and 6,213 commercial-industrial properties.
Lancaster ranked 19th in total valuation. Lancaster had 42,388 homes, 945 residential income properties and 8,890 commercial-industrial properties.
Overall, the county’s 88 cities and the unincorporated areas saw their assessed valuations grow 6.25%, representing the ninth year consecutive year of growth, Assessor Jeffrey Prang said.
“The net assessed value is nearing $1.7 trillion, $94.41 billion greater than in 2018. Our robust economy has experienced a steady growth since 2011,” Prang said in a statement.
The Office of the Assessor determines ownership and value of all taxable property in the county. Property assessments occur when a change in ownership occurs, upon new construction and when market trends prompt properties’ decline-in-value, according to the report.
The assessment roll forms the basis from which municipalities, school districts, and special districts derive property tax revenue used to fund public services.