State Sees First Bump in Property Assessments in 3 Years

Real Estate Agent with Keller Williams CalBRE 01362347

The value of taxable property in California has increased after two straight years of drops, the state Board of Equalization said this week.

The gain -- which accounts for properties taxed by both the state and counties -- was 0.3 percent, rising to $4.382 trillion for 2011-2012 from the previous year, according to a release from the agency on Tuesday.

A by-the-numbers breakdown, using information from the report:

-- Values of county-assessed properties, involving mainly real estate,inched up 0.1 percent.

-- Values of state-assessed property, which include railroads and privately owned public utilities, rose 8 percent.

-- Twenty counties saw year-over-year bumps in property values, "although most of the increases were modest."

-- Thirty-eight counties saw year-over-year drops in property values.

-- The Central Valley had an "especially concentrated" amount of assessed value declines.

-- Assessed values in the state's 15 coastal counties, which make up 60 percent of the total tax roll, rose 0.9 percent. Values in 43 inland counties fell 0.6 percent.

-- Assessed values in Southern California increased 0.7 percent.

-- Seven of 12 counties with tax rolls valued at more than $100 billion saw increases in taxable value, including San Diego.


Source: Written by Lily Leung( 9-8-11

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