Property values increase 5.6 percent over last year, County Assessor says

SAN DIEGO COUNTY - San Diego County Assessor Ernie Dronenburg announced today, June 24, that the 2015 assessed value of all taxable property has increased by 5.6 percent (or $23.4 billion) from last year. The property was valued as of January 1, 2015.

After deducting tax exempt properties (charitable, homeowner’s, disabled, etc.) the county total net assessed value is $439 billion. Based on Proposition 13 statutory 1% tax rate, it would produce approximately $4.39 billion in property taxes. The 2015 tax roll consists of 986,858 taxable real property parcels, 59,775 businesses, 13,019 boats, and 1,764 aircraft. For the second year in a row all 18 cities in the county experienced positive assessed value growth with the City of Imperial Beach making the largest gain at +7.31% year over year growth.

The majority of homeowners in San Diego County will only see an increased value of just less than two percent, as required by Proposition 13, (2.000% annual maximum, this year = 1.998%) Properties experiencing a change of ownership are typically assessed at their full market value and those with taxable new construction have the newly constructed property fully assessed and added to the existing value. Another exception to the 2% limitation in assessed value increases are properties that previously received temporary reductions in value below their Proposition 13 base value.

State law requires annual review of the assessed value of these properties and they may be increased to their current market value or their original Proposition 13 base value plus the statutory annual inflation factor, whichever is less.

“Comparable sales and virtually all other market indicators continue to point to an upward trend in property values. As such, we have restored many of the temporarily reduced assessments to reflect this ongoing trend. Like last year, we have partially or totally restored many of these properties to their indexed Proposition 13 values because values have recovered” “Because we still have a significant number of reduced value properties, which have not recovered all of their value and inflation indexing, it will take several years before the roll does not include recessionary adjustments,” continued Dronenburg.

Dronenburg is also introducing a new assessed value notification process this year. All notices of property value restored (those in excess of the normal Proposition 13 inflation factor) will be posted on the department’s website at http://www.sdarcc.com. Addressing this new process, Dronenburg said, “Because this is the first year of web-posted higher value notifications, we will send a postcard to those who would normally receive a letter of notification, explaining where they can view and print their new value. Those without access to the web, or who request a written notice, will still be able to receive a traditional paper letter notification.

This new notification process will make it easier than ever to obtain assessed value notifications.” In addition to the notification of new value being published on the website, Dronenburg will also continue publishing the roll values of all taxable property on the web site. This information will be made available free to the public after June 30. Property owners who disagree with their new assessed value may file an assessment appeal application between July 2 and November 30th, 2015. Application forms are available from the Clerk of the Assessment Appeals Board at 619-531-5777 or from their web site at http://www.sdcounty.ca.gov/com.