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Property Values Rose Last Year : Economy: County assessor's report shows that despite the recession, Glendale posted an increase of 11.71%. Neighboring La Canada Flintridge increased 8.9%. County's average was 9.7%.

August 29, 1991|MARTHA L. WILLMAN | TIMES STAFF WRITER

Property values in Glendale increased by more than $1 billion in the last year--up 11.71%--outpacing the countywide average increase of 9.7%, according to figures released last month by Los Angeles County Assessor Kenneth P. Hahn.

Although city officials are still analyzing the figures, the increase is more than had been anticipated when the current budget was adopted in June, said Tom Marston, assistant city finance director. "This shows that our revenue estimates were conservative," Marston said.

A significant portion of Glendale's increased valuations are due to recent completion of several new office buildings in the downtown redevelopment zone, where land and improvements now account for about $1 billion of the city's total assessed valuation of $10.1 billion.

But real estate analysts point out the assessor's roll is not a complete evaluation of prosperity, and many of the new offices are vacant.

In neighboring La Canada Flintridge, a community of sprawling suburban homes, remodeling and some new construction added more than $140 million to the assessor's roll, an 8.9% increase for a current total of $1.7 billion.

City Treasurer David Siebert said changes in assessments have little effect because La Canada Flintridge is one of only two dozen or so cities in the state that do not charge a local property tax.

The assessor's figures indicate the growth in Glendale, despite the recession, even topped the previous year when valuations increased 11.2%, Marston said. Valuations in the redevelopment zone alone jumped by 21% from 1989 to 1990, he said. Comparable figures are not yet available for 1991.

The value of all taxable property in the county--buildings, land, boats, planes and office and manufacturing equipment--grew to $452.8 billion, a $40-billion increase from last year, according to figures for the 1991 fiscal year, which ended June 30.

The county has been "growing by leaps and bounds, while assessment values across the country have had limited growth due the recession," said Gilbert Parisi, special assistant to the assessor.

Glendale's strong development performance in the last year has left it with a more dubious distinction in another area--as the second-worst performer in the county in filling available office space, according to statistics released last month by Grubb & Ellis Co.

The second quarter absorption rate in Glendale--the increase or decrease in occupied space--showed that Glendale fared better than only one other of the 26 commercial real estate submarkets--the Mid-Wilshire district. The negative absorption rate in Glendale of more than 13,000 square feet for the first six months of this year is in sharp contrast to a positive absorption rate for 1990 of 941,000 square feet.

Real estate analysts and city officials, however, predict the current imbalance of available office space to new tenants is only temporary.

The Top 20 Cities

Here is a look at the assessment roll for taxable property for some cities in Los Angeles County at the end of fiscal 1991.

1991 Assessed Valuation Total No. of City (Value in Billions) Assessments 1.Los Angeles $181.586 875,963 2.Long Beach 20.332 121,777 3.Torrance 11.077 46,097 4.Glendale 10.131 49,034 5.Beverly Hills 8.911 14,582 6.Santa Monica 8.614 26,724 7.Pasadena 8.085 42,070 8.Burbank 7.406 33,021 9.Carson 6.527 26,415 10.Santa Clarita 7.113 43,883 11.El Segundo 5.595 6,364 12.Redondo Beach 4.980 22,545 13.Lancaster 4.439 45,335 14.Palmdale 4.327 37,072 15.Pomona 4.287 34,050 16.Rancho Palos Verdes 3.875 15,989 17.Downey 3.837 25,995 18.Manhattan Beach 3.797 13,859 19.Arcadia 3.760 17,753 20.West Covina 3.715 23,310

Source: Los Angeles County Assessor Kenneth P. Hahn.

Area Property Values

Here is a look at the assessment roll for taxable property in Glendale and La Canada Flintridge at the end of fiscal 1991. Countywide, the tally came to $452.8 billion, an increase of $40 billion, or 9.7%, over fiscal 1990.

Total No. of City 1990 1991 % Change Parcels Glendale 9,069,371,561 10,131,344,061 11.71 41,960 La Canada Flintridge 1,577,762,264 1,718,348,684 8.91 7,754

Source: Los Angeles County Assessor Kenneth P. Hahn.

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