San Diego Property Values Up 3 Percent

San Diego County Assessor Ernie Dronenburg announced today that the 2013 assessed value of all taxable property has increased by more than 3 percent (or $13.6 billion) from last year. The property was valued as of January 1, 2013. This year’s total assessed value is $408.8 billion. After deducting tax exempt properties (charitable, homeowners, disabled etc.) the net assessed value is $393 billion and based on a 1 percent tax rate it would produce approximately $3.9 billion in property taxes.

“The residential real estate market improved in the last six months of 2012,” Dronenburg stated. “The improved residential market required our office to partially or totally restore temporarily reduced values as the market value on many properties exceeded the values calculated pursuant to Prop 13. In addition, we experienced positive change in ownership and new construction activity.”

“This year’s change in the California Consumer Price Index (CCPI) was 3.08 percent. The maximum adjustment allowed by Prop. 13 is 2 percent and that maximum indexing added just over $5 billion in assessed value. Changes in ownership of properties added almost $5.9 billion. New construction activity added $2.4 billion. After all adjustments, the total assessed value grew by $13.6 billion when comparing January 1, 2013 to January 1, 2012.”

In addition to the 981,829 taxable parcels on the secured tax roll the county also values business personal property and boats and aircraft. During 2013, 59,364 businesses, 13,613 boats and 1,691 aircraft were valued for the tax roll at $15.5 billion, an increase of $462 million from 2012.

Cities and school districts rely heavily on property tax revenue. All 18 cities in the county experienced positive assessed value growth. Del Mar had the highest growth with an increase of 6.82 percent. See table for specific cities (PDF).

“For taxpayers who have had their temporary reduced assessments partially or fully restored to their Prop. 13 value, their notices will be mailed by mid-July,” Dronenburg stated. Those who disagree with their assessed values and can support a lower value may file an Assessment Appeal Application between July 2 and November 30, 2013. Application forms are available from the Clerk of the Assessment Appeals Board at (619)531-5777 or from their website.