City of La Mirada Reports an Increase in Assessed Values
The City of La Mirada's local economy, in terms of property values, continues to be strong and healthy. Property values in La Mirada, as determined by the Los Angeles County Assessor, increased $188.8 million to $3.4 billion.
Assessed values in Los Angeles County increased for the fifth consecutive year reaching $609.3 billion. This $40 billion increase in the County is comprised of a 42% increase due to property ownership transfers, a 23% increase due to the annual Consumer Price Index-related adjustment of 2% on the value of properties which did not change hands, and an increase of 17% due to Proposition 8 adjustments to value.
The City of La Mirada's increase in assessed values demonstrates its strong economic growth and compares favorable to the following neighboring cities:
| Cerritos | 5.0% | |
| Downey | 5.9% | |
| Norwalk | 7.5% | |
| Pico Rivera | 3.5% | |
| Santa Fe Springs | 7.2% | |
| Whittier | 6.0% |
La Mirada's increase is comprised of two components: a 3.5% increase in the industrial/commercial sector of the community, and an increase of 7.2% in the residential sector. This is the second year the City's total assessed value exceeded $3 billion and the third year that the City's overall increase was 6% or greater.
Dated: 8/15/01
