The value of the taxable property in the city of Los Angeles rose by 6 percent this year, according to the 2014 Annual Report released on Wednesday by the L.A. County Office of the Assessor. The aggregate value of property in the city was $467 billion, nearly half the county total of $1 trillion. The increases made the 2014 assessment roll the largest in county history. The assessed values are the foundation of the property tax system and are used to divvy up tax revenue. It is the fourth consecutive year of growth following the recession and a $62 billion increase from the prior year. Long Beach had the second-highest property valuation at $49 billion, followed by Santa Monica at $29 billion, Santa Clarita at $26 billion and Torrance at $26 billion. Bradbury, a San Gabriel Valley city of about 1,200, experienced the greatest percentage increase in assessed value, rising 12 percent. Lancaster came in second with a 10 percent increase, with Claremont, Palmdale and Arcadia trailing closely at 8 percent increases each.
