County Sees 1st Increase in Property Tax Assessments Since '08

The 2011 assessed value of taxable property in San Diego County is up from last year, the first year-over-year increase since 2008, said County Assessor Ernest J. Dronenburg Jr.

The uptick of 0.51 percent, or $2 billion, over last year's tax roll indicates that "the market is flat," Dronenburg said.

The County Assessor's Office calculated the total assessed tax roll at $395.7 billion, generating roughly $3.9 billion in property taxes, or 1 percent.

Factors that contributed to this year's increase include: a decrease in residential appeals, new assessments of homes that changed owners and new construction activity, Dronenburg said.

All 18 cities in San Diego County saw assessed value increases this year, except three: Carlsbad, Chula Vista and Imperial Beach. Cities with the highest increases in tax roll were Del Mar and Solana Beach.

Total assessed value by city

City	10-'11	11-'12	Pct. Change
Carlsbad	$24,321,673,845	$24,221,348,773	-0.41%
Chula Vista	$21,918,450,346	$21,893,699,349	-0.11%
Coronado	$6,482,813,393	$6,571,163,889	1.36%
Del Mar	$2,557,129,093	$2,625,475,688	2.67%
El Cajon	$7,212,895,912	$7,250,228,443	0.52%
Encinitas	$11,595,898,988	$11,761,392,385	1.43%
Escondido	$12,125,474,590	$12,220,360,923	0.78%
Imperial Beach	$1,423,133,967	$1,422,909,308	-0.02%
La Mesa	$5,419,747,491	$5,495,024,709	1.39%
Lemon Grove	$1,609,891,538	$1,632,156,458	1.38%
National City	$3,099,775,501	$3,106,335,572	0.21%
Oceanside	$17,503,409,629	$17,712,329,154	1.19%
Poway	$8,422,222,849	$8,532,003,160	1.30%
San Diego	$185,340,463,009	$186,549,850,365	0.65%
San Marcos	$9,173,807,255	$9,250,756,371	0.84%
Santee	$4,526,718,991	$4,580,956,699	1.20%
Solana Beach	$3,473,740,609	$3,473,740,609	2.20%
Vista	$8,719,838,623	$8,734,387,723	0.17%

Source: County Assessor's Office, 2011

 

The average increase in individual assessed value was 13 percent. Dronenburg gave the following hypothetical example of how much more homeowners would have to pay in property tax if they were assessed upward this year:

A home was bought at $400,000 in 2008. The property was assessed at $200,000 the following year. As of Jan. 1, that house is worth $260,000. The homeowner this year would have to pay $2,260 in property tax, or about $260 more than before.

A breakdown of other reasons this year's county valuations went up:

--The County Assessor's Office revalued almost 40,000 properties, totaling $4.7 billion in lowered assessed value. The previous year's review yielded $8 billion in lowered assessed value.

--More than 58,000 properties of more than 978,000 taxable parcels were assessed upward, adding $3.9 billion to the tax roll.

--New construction of more than 8,300 properties added $1.7 billion in assessed value. Still, this is the lowest increase from new construction in 10-plus years, Dronenburg said.

Readjustments of assessed value occur every year. The assessed value of all taxable properties in San Diego fell 2.31 percent in 2009, the steepest drop since 1978, Dronenburg said.

via signonsandiego.com

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