Los Angeles County's assessed property valuation rose $24.8 billion -- or 2.24 percent -- for the year, the assessor's office said Thursday.
The increase -- the second straight year of growth -- is primarily the result of an inflationary adjustment allowed by Proposition 13 for properties that did not change ownership, Chief Deputy Assessor Santos H. Kreimann said.
The newly issued 2012 Assessment Roll -- based on property values on Jan. 1 -- shows the gross total for Los Angeles County is $1.130 trillion.
The increase of 2.24 percent is compiled prior to deducting tax-exempt assessments as well as the state-reimbursed homeowners' exemption. After these deductions, the net roll total for Los Angeles County is $1.079 trillion, a 2.20 percent net increase from last year's total.
"The 2.20 percent net increase is great news for all Los Angeles County residents since it means an increase in revenues for local government and schools;" Kreimann said. "This second year of increase to the assessment roll is a positive indicator that Los Angeles County is stabilizing and is experiencing growth after the historic 2009 and 2010 declines."
The increase is primarily attributed to $15.1 billion from the inflationary adjustment.
Additional factors to the increase include $12.8 billion added because of sales or ownership transfers; $4.9 billion in new construction; and $2.2 billion in various valuations that include oil, water rights and possessory interests, according to Kreimann.
Kreimann was named acting head of the assessor's office last month while elected assessor John R. Noguez is on a leave of absence. Prosecutors are investigating allegations that Noguez and his staff gave tax breaks to political supporters.