Santa Clarita is Los Angeles County’s fifth highest valued city this year for property values, according to a report by the Los Angeles County Assessor’s Office on Friday.
Compared to the county’s 88 cities, the annual report showed that Santa Clarita is valued at $30.7 billion for its taxable real property and business personal property, a 7.1 percent increase from 2016.
“That data validates the anecdotal information you hear as the cost of home prices continue to rise and the lack of vacancy rates increase,” Mayor Cameron Smyth said. “People not only want to live here but build their businesses here.”
Because of this, the mayor said the conversation about affordable housing must continue to ensure people who want to work and live in Santa Clarita are not priced out of the valley.
Admittedly, Smyth said the fifth-place ranking is higher than he would have thought.
“It is a testament to the city’s change and how people view Santa Clarita,” Smyth said.
Overall, Los Angeles County reported a 6.04 percent increase overall, the seventh consecutive year it has seen growth.
L.A. County’s net assessed value is $1.416 trillion, which is $80.6 billion more than last year.
In fact, every city in the county experienced an increase from their 2016 data.
The city of Los Angeles was ranked highest in value at $568 billion, a 6.6 percent increase from last year.
Long Beach was valued at $54.0 billion, a 5.0 percent increase, Santa Monica was valued at $34.4 billion, a 3.8 percent increase and Beverly Hills was valued at $31.9 billion, a 9.1 percent increase, taking second through fourth place, respectively.
The county’s fastest growing cities are El Segundo with 11.6 percent growth, Hawaiian Gardens with 10.9 percent and Avalon with 9.3 percent.
This is attributable to an increased demand for new multi-family residential properties and a strong real estate market, according to the assessor’s office.