CULVER CITY — The city was among the top five cities in Los Angeles County showing growth in property values in the year, according to a new report released by the county Assessor’s Office.
The annual report from the L.A. County Assessor’s office showed that Los Angeles remains the highest valued city in the county, while Hawthorne is the fastest growing.
Culver City’s assessed property valuation grew 9 percent from 2015 to 2016 from $8.904 billion to $9.702 billion. The city had 13,373 properties counted in the report.
The other fastest growing cities were Hawthorne at 10.5 percent, West Hollywood at 9.6 percent, Hawaiian Gardens at 9.5 percent and Bell at 9.1 percent.
The city of Los Angeles had the highest property valuation with $532.84 billion. The other top five cities included Long Beach ($51.4 billion), Santa Monica ($33.1 billion), Beverly Hills ($29.2 billion) and Glendale ($28.7 billion).
County Assessor Jeffrey Prang compiled the report. He leads the largest local public property assessment agency in the region.
“The 2016 Annual Report will help the public easily find information about assessor operations and major accomplishments, how property values in their city changed in the last year, and much more,” Prang said. “This report also includes detailed information on each of the 88 cities in Los Angeles County.”
The Assessment Roll is the foundation of the county’s property tax system and forms the basis from which municipalities, school districts and special districts derive property tax revenue used to fund vital public services such as public safety, education, and transportation.
“This year, I am pleased to share that the 2016 Assessment Roll reflects our sixth consecutive year of growth, a 5.58 percent increase from last year,” Prang said. “With an assessed value exceeding $1.3 trillion, the County of Los Angeles has the largest assessment roll in California.”
Contributing writer Anne Artley contributed to this report.