October 22, 2013 > California property values climb
California property values climb
Submitted By Jaime Garza
The total value of state- and county-assessed property increased for a third straight year. For 2013-14, values rose to $4.636 trillion, an increase of $191.5 billion (4.3 percent) from the previous year, the Board of Equalization announced on October 14, 2013.
The statewide value of property assessed by county governments increased $187.9 billion (4.3 percent) to $4.545 trillion. The value of property assessed by BOE staff, mainly privately owned public utilities and railroads totaled $90.8 billion, an increase of $3.7 billion (4.2 percent).
Year-to-year percentage changes ranged from a high of an 8.3 percent gain in Santa Clara County to a low of a 4.1 percent decline in Inyo County. The surge in Santa Clara County values was largely due to changes in ownership and new construction.
In all, fifty-one counties posted year-to-year increases in assessed value, the majority of those increases above two percent. Ten counties grew in excess of five percent. Six counties experienced a year-to-year decline in value, however the combined assessed values of those six counties comprise less than one percent of the entire statewide roll. The percentage change in Mono CountyÕs values remained unchanged.
Values jumped 4.9 percent in the North San Joaquin Valley, and increased by 3.7 percent in the Central Valley as a whole. In the Greater Sacramento Area, assessed values rose 4.1 percent, led by a real estate market recovery in Placer County (up 6.0 percent).
The assessed valuation in CaliforniaÕs 15 coastal counties (which account for more than 60 percent of total assessed valuation) gained 4.1 percent, while valuations in the 43 inland counties rose 4.6 percent.
San Francisco Bay Area values increased 5.5 percent, influenced by the growth in Santa Clara County. Southern California assessed values grew by 4.0 percent.
All 12 counties with rolls exceeding $100 billion posted higher assessed values. Increases occurred in the counties of Santa Clara (8.3 percent), San Mateo (5.7 percent), Alameda (5.0 percent), San Francisco (4.5 percent), Riverside and Sacramento (4.1 percent), Orange (3.6 percent), Contra Costa (3.4 percent), Ventura (3.3 percent), San Diego (3.2 percent), and San Bernardino (3.0 percent).
Los Angeles County, with the largest assessment roll at $1.153 trillion, increased by 4.7 percent, up $51.3 billion over 2012-13.
Each year, the 58 county assessors in California are required to report their total assessment roll to the BOE. The totals reported for 2013-14 represent property values on January 1, 2013. This value is used to calculate dollar amounts homeowners or commercial property owners owe their respective county governments in property taxes. These bills are generally sent in the fall.
For more information on other taxes and fees in California, visit www.taxes.ca.gov.