RIVERSIDE (CNS) – Property values throughout Riverside County rose nearly 10% last year to $404.2 billion, with houses and commercial structures making up the largest share of the valuation, according to a report released Thursday by the Assessor-Clerk-Recorder’s Office.
“Surpassing the $400 billion mark is a historic achievement for Riverside County,” Assessor-Clerk-Recorder Peter Aldana said. “It signifies the remarkable growth of our county and reflects the confidence individuals, businesses and investors have in our region.”
The county’s property tax assessment roll for the most recent base year, valued as of Jan. 1, was 9.4% higher than in 2022, when the roll totaled $369.62 billion, according to the Assessor-Clerk-Recorder’s Office.
The assessment roll represents the composite value of all commercial and residential real estate within the county, as well as other property, including boats, aircraft and timeshares.
Aldana said that property tax receipts this year are expected to total about $4 billion.
The roll has increased for the last 11 consecutive years. During the Great Recession, $38 billion in value was lost, with assessments bottoming out at $204.8 billion in tax year 2012, according to the assessor’s report.
The roll was valued at $242.9 billion in 2008, before the deflationary cycle triggered by the economic downturn.
In the most recent assessment, residences and commercial structures represented $282 billion, or 70%, of the roll.
Aggregate property values increased by the widest margin, in percentage terms, in the unincorporated Palo Verde Valley, where net taxable valuations totaled $1.48 billion, compared to $1.02 billion the year before — translating to a 45% jump.
Among municipalities, Desert Hot Springs showed the strongest percentage growth at 14.8%. The city’s net taxable valuations totaled $2.92 billion, compared to $2.54 billion during the prior base year calculation.
The city of Riverside had the highest local roll value — $42.8 billion – – of all the cities and unincorporated communities listed.
According to the assessor’s office, property tax bills for the current tax year will start going out in October. Officials noted that almost 85% of residences countywide are under Proposition 13 tax mitigation protection, meaning that regardless of the inflation rate, taxes can only go up on an additional 2% of tax increment.
Homeowners have the right to appeal any increased assessment. More information is available at the Clerk of the Board’s website: https://aao.countyofriverside.us/.
Copyright 2023, City News Service, Inc.