Newport Beach ranks as one of the top cities for property values in the county, according to a recently released list from the OC Assessor‘s Office.
The county’s 2013-14 Local Assessment Roll of Values ranks Newport Beach high for both overall percentage increase and total highest assessed value.
The document is a listing of all of all the locally assessable property in the county. The numbers reflect property values as of Jan. 1.
City officials sent out a statement on Wednesday announcing the city’s place on the list.
Property values in Newport Beach have increased by 5.21 percent since the 2012-13 assessment, ranking it as the city with the highest percentage increase in the county. Laguna Beach came in second at 4.68 percent.
Newport ranked second for total highest assessed value, at $42.36 billion.The top spot in that category went to the city of Irvine at $50.88 billion. Anaheim came in at $36.34 billion.
“Property taxes have historically been the largest single revenue source for the city of Newport Beach,” according to a statement released Wednesday by the city. “They comprise nearly half of the city’s annual General Fund (operating) revenues.”
The high demand for scenic coastal properties and the city’s “continued investment in the upkeep and quality of its community services, facilities and amenities,” have kept property values strong, the statement reads.
“The Roll of Values is up 3.36 percent, or $14.3 billion more than last year,” according to a statement from the county.“Each of Orange County’s 34 cities had a year-to-year increase in net taxable value for the first time in six years.”
The total net taxable value on the roll, for all of Orange County, is about $442.84 billion.
For the full report, visit ocgov.com/gov/assessor/news.