S.D. COUNTY PROPERTY VALUED AT RECORD $604B
The value of land in San Diego has never been higher.
San Diego County’s assessed value of all taxable property — including residential, commercial and industrial land — is now $604.75 billion, the Assessor’s Office said this week. It represents an increase of 5.18 percent from last year.
The valuation date is set at Jan. 1 each year, so any potential impact from COVID-19 is not included in this year’s numbers. If the real estate market crashes this year, even though that is not predicted by most housing analysts, it could mean a change when new valuations are calculated in January 2021.
While the valuation was expected to increase, it might be welcome news to government planners. A drop in sales and income taxes is likely for all of California as it wrestles with increasing cases of the coronavirus and record unemployment.
County Assessor Ernie Dronenburg credited the 1978 Proposition 13 as a reason for steady increases. Proposition 13 caps increases at to 2 percent annually based on the purchase price at the time of the sale.
“Prop. 13 is a static measurement,” he said Monday. “It provides a reliable government funding source for key services.”
Property values have grown considerably since 1990 when San Diego
County was assessed at $123.7 billion. The most values ever went up in a year was in 2005, at the height of the housing boom, when it increased 13.3 percent.
The Great Recession caused property values to drop 2.31 percent
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