State Sees First Bump in Property Assessments in 3 Years

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(http://www.signonsandiego.com/news/2011/sep/07/state-sees-1st-bump-property-assessments-3-years/) 9-8-11