Strong demand for real estate across California and in the Inland Empire led to a 9.26% increase in assessed values in Riverside County going into 2022, according to the Riverside County Assessor-County Clerk-Recorder. This reflects the highest increase in assessed value since values rose over 16% in 2007.
Assessor-County Clerk-Recorder Peter Aldana announced today that the total taxable value of all property in Riverside County for the current year grew to over $369 billion, a $31 billion increase. This year’s tax roll—a list of all taxable property, its owner, and its value as of Jan. 1—will generate roughly $3.5 billion for local government services.
“With such an active and appreciating real estate market this past year, our roll reflects the market conditions for property owners in Riverside County,” Aldana said. “As values go up, the tax base grows, which helps keep our county financially strong. I want to thank the coordinated team effort that completed the assessment roll on time once again during another very busy year.”
The median home price in Riverside County grew to $586,000 in December 2021, setting a record high for any December, according to the California Association of Realtors.
Despite the increase in home prices, most property owners will not see an equal rise in property taxes on their next annual tax bill, which will be mailed in October. State law requires the assessor to enroll real property at the lesser of its current market value or the Prop 13 value—the market value as of the date the property was acquired or constructed, adjusted up to 2% annually for inflation. Eighty-four percent of Riverside County property is enrolled at its protected Prop 13 value. For more information please click here.
Property owners may review their 2022 assessment roll value by visiting the Riverside County Assessor public access online services website at Assessor Online Services or calling (951) 955-6200. Although the Assessor works to enroll fair-market values, an owner might disagree with the valuation. Those owners may file a free decline-in-value application online. Applications are due by Nov. 1 and are available at Decline in Value Application.
Property owners also may request a formal hearing before the Assessment Appeals Board. The deadline to file is Nov. 30. The application is available on the Clerk of the Board’s website at Assessment Appeals Online.