Santa Monica Property Values Up 4.6%

The value of assessed properties in Santa Monica jumped 4.6 percent in 2011, among one of the top five highest year-to-year gains in Los Angeles.

The 23,305 homes and commercial properties assessed last year in Santa Monica were valued at $25.76 billion, according to the Assessor's Office, which released Monday its annual report showing a 2.24 percent jump in the total assessed value of properties countywide. 

The Assessor's Office called the growth "great news" for a majority of L.A. cities, and a sign of "continued economic recovery."

The total assessment of properties in the county is now more than $1.13 trillion, a $24.8 billion jump over last year. When tax-exempt assessments and state-funded homeowners' exemptions are factored in, the county's net assessment roll is $1.079 trillion, up 2.2 percent from last year.

Property taxes are based on the assessed value of a property, and support city services like the police department, fire department and parks.

"This second year of increase to the assessment roll is a positive indicator that Los Angeles County is stabilizing and is experiencing growth after the historic 2009 and 2010 declines," Chief Deputy Assessor Santos Kreimann has said.

Beverly Hills had the highest year-to-year jump in valuation, up 6.5 percent. Other cities with sizable jumps in assessed value were Rolling Hills at 6 percent, Bradbury at 5 percent, San Marino at 4.9 percent, Arcadia and Monterey Park at 4.7 percent, Santa Monica at 4.6 percent, Manhattan Beach at 4.3 percent, La Canada Flintridge at 4.0 percent and South Pasadena at 3.8 percent.

— City News Service contributed to this report.

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