Regional Property Value Up 9.5%; County Average Is 9.7% : Real estate: The county assessor found unusually high increases in Diamond Bar and Irwindale.

Property values in the 29 San Gabriel Valley cities rose by 9.5% overall from $55.5 billion last year to $60.8 billion this year, according to figures released last month by Los Angeles County Assessor Kenneth P. Hahn.

The increase in San Gabriel Valley property values was slightly lower than the 9.7% increase in property values countywide for fiscal year 1991, which ended June 30.

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

Countywide, property value increases over the past few years have varied between 7% and 11%, said Paula Cone, a revenue management consultant with the firm of Hinderliter, de Llamas in Glendora. Thus, the percentages reported by the assessor indicate healthy growth, despite the recession, Cone said.

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 the figures.

In the San Gabriel Valley, the assessor reported healthy increases of 7% to 9% in most cities.

Two cities, Diamond Bar and Irwindale, had exceptionally high increases in valuation. Increases in Alhambra and Monterey Park, meanwhile, fell below the average.

The 13.5% increase in Diamond Bar, from $2.9 billion to $3.3 billion, was largely attributable to sales of homes in The Country, a luxury residential community, Parisi said. Homes in the 1,250-acre, gated community range from $589,000 to $3 million, Diamond Bar city officials said.

The 15.2% increase in Irwindale, from $879 million to $1.01 billion in property values, was the result of significant community redevelopment, plus new construction on vacant and deserted parcels, Parisi said. A number of older, single-family homes in the city were also replaced by duplexes and three- and four-unit housing, he added.

Monterey Park’s 6.3% increase, from $2.4 billion to $2.6 billion, was lower than most because the city is a stable community, with little open space, Parisi said. However, developers have applied for new construction permits in significant numbers that should be reflected in increased property values in next year’s roll, he said.

Alhambra’s built up conditions duplicate Monterey Park’s and account for that city’s similar small increase, Parisi said. Alhambra’s property values grew by only 7%, from about $2.8 billion to nearly $3 billion.

Alhambra also has a building moratorium on residential buildings of more than two units. The construction ban, in effect from July, 1990, through last March, was reflected on the assessment roll. But since its expiration, the city should expect to see more construction and an accompanying increase in property values, Parisi said.

Despite Pasadena’s growth management initiative, passed by voters in 1989 to limit residential and commercial construction, that city’s property value increase kept pace with the county’s at 9.7%. “Three-fourths of a percent per month, that’s healthy,” said Cone, who was hired by Pasadena to ensure that the city gets all the tax money owed it from the county.

The assessor’s figures help cities determine their budgets, Parisi said. City officials also use them to analyze economic strength, he said.

The figures are culled by the assessor’s office from countywide property records and forwarded to the county auditor-controller, who applies the tax per parcel, Parisi said. The treasurer-tax collector then collects the taxes due.

Under Proposition 13, passed by state voters in 1978, assessed real estate values can increase by only 2% annually unless the property is transferred or sold. Then, the market price is assigned to the parcel.

Sales or other transfers accounted for 50% of the property value increase countywide, assessor’s officials said. New construction accounted for another 21% of that increase; the 2% allowed increase in assessed value, 19%; business property and fixtures, 6%, and other reasons, 4%.

San Gabriel Valley Property Values Here is a look at the assessment roll for taxable property in San Gabriel Valley cities 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 Alhambra $2,792,405,765 $2,989,327,066 7.05 18,050 Arcadia 3,397,696,512 3,760,164,913 10.67 15,428 Azusa 1,301,075,505 1,447,826,146 11.28 8,842 Baldwin Park 1,458,541,217 1,631,792,314 11.88 14,413 Bradbury 114,397,775 123,916,235 8.32 404 Claremont 1,373,501,090 1,472,358,917 7.20 9,412 Covina 1,799,676,464 1,932,134,465 7.36 12,031 Diamond Bar 2,920,958,906 3,315,244,294 13.50 17,727 Duarte 739,342,175 810,451,703 9.62 5,907 El Monte 2,511,925,696 2,700,276,925 7.50 16,847 Glendora 1,966,496,469 2,121,120,021 7.86 15,038 Industry 2,742,407,718 3,024,231,563 10.28 1,381 Irwindale 879,038,734 1,012,912,453 15.23 818 La Puente 712,431,441 786,478,857 10.39 7,464 La Verne 1,272,766,623 1,393,185,115 9.46 9,106 Monrovia 1,520,937,694 1,658,475,867 9.04 9,800 Monterey Park 2,435,942,695 2,590,227,008 6.33 15,273 Pasadena 7,365,314,781 8,084,910,179 9.77 35,602 Pomona 3,842,701,704 4,287,789,203 11.58 30,485 Rosemead 1,369,630,542 1,497,099,774 9.31 10,452 San Dimas 1,675,771,043 1,827,911,884 9.08 10,052 San Gabriel 1,303,432,198 1,428,439,855 9.59 9,047 San Marino 1,438,757,873 1,563,945,259 8.70 4,761 Sierra Madre 530,132,318 581,852,508 9.76 4,079 South El Monte 737,566,714 797,932,127 8.18 4,401 South Pasadena 1,190,407,034 1,275,729,179 7.17 6,789 Temple City 1,110,545,770 1,213,264,416 9.25 9,680 Walnut 1,603,242,822 1,787,568,170 11.50 8,747 West Covina 3,425,826,135 3,715,046,176 8.44 24,960

Source: Los Angeles County Assessor Kenneth P. Hahn.

The Top 20 Cities Here is a look at the assessment roll for taxable property for the Top 20 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.