County assessors this month continued to report growth in the value of taxable property in their areas, which will translate to more property tax revenue for schools and local government.
Riverside County Assessor Peter Aldana reported growth of 9.26 percent, reaching a net total of $369 billion in taxable property in his county.
“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.”
The median home price in Riverside County reached $586,000 this year, the California Association of Realtors reported.
Marin County Assessor-Recorder-County Clerk Shelly Scott also reported strong growth in her county’s assessment roll, with a 6.55 percent increase.
“Current home prices are high and healthy,” Scott said. “Marin County’s beauty and high quality of life have contributed to the consistent strength of our real estate market and continued assessment roll growth.”
Included in Marin’s assessment roll report is that the median price for a home in the county surpassed $2 million for the first time in history.
Despite record growth in assessed value for residential and business properties, property owners will not see an equivalent increase in their tax liability. Under Proposition 13, annual property tax increases are capped at 2 percent unless there has been a change in ownership or new construction that added value. (An increase of greater than 2 percent also can occur when a property that had been in “decline in value” status, affording the owner a temporary tax reduction, recovers value and returns to its Proposition 13 factored base-year value.)
The 2022-23 assessment roll data reflects the total net assessed value of all real and business property in the county as of January 1.
Assessment roll reports from other counties include:
- Amador County – Assessor Jim Rooney reported a 7.03 percent increase, bringing the total net assessment roll to nearly $6 billion.
- Butte County – Assessor Diane Brown reported a 6.81 percent increase, bringing the total assessment roll to just over $27 billion. The increase is slightly lower than last year’s growth of 6.93 percent.
- Humboldt County – Assessor Mari Wilson reported 4.73 percent growth, with a $700 million increase in the total net assessment roll from the prior year.
- Imperial County – Assessor Robert Menvielle reported a 5.6 percent increase.
- Mendocino County – Assessor Katrina Bartolomie reported a 2.41 percent increase.
- Modoc County – Assessor Kristen DePaul reported growth of 4.6 percent – slightly less growth than last year’s 5.06 percent.
- Napa County – Assessor John Tuteur reported a 7.12 percent increase, the highest percentage growth in the county’s history.
- Placer County – Assessor Matthew Maynard reported a 9.2 percent increase, bringing the total net assessment roll to more than $97 billion.
- Santa Cruz County – Assessor Sean Saldavia reported a 6.33 percent increase.
- Sierra County – Assessor Laura Marshall reported growth of 6.37 percent.
- Stanislaus County – Assessor Don Gaekle reported a 6.82 percent increase.
As CalTax previously reported, all of the counties that have reported data have experienced growth in their assessment rolls. July 1 was the deadline for assessors to submit their assessment rolls, but many received 30-day extensions.
Counties covered in previous issues of the CalTaxletter: Contra Costa County, 7.79 percent; Los Angeles County (projection released in May), 6 percent; Orange County, 6.37 percent increase; Sacramento County, 8 percent; San Bernardino County, 9.3 percent; San Mateo County, 8.34 percent; Santa Clara County, 7.46 percent; Ventura County, 7.3 percent; and Yolo County, 7.23 percent.