11 Jul San Diego real estate worth more than $433 billion as property taxes rise
Just how big is the San Diego real estate market?
Try $433.4 billion, according to figures from the San Diego County Assessor/Recorder/Clerk’s office. It pegged that figure based on the county’s assessed values of nearly 985,000 taxable properties at the beginning of 2014, according to San Diego County Assessor/Recorder/Clerk Ernest Dronenburg Jr.
Real estate in San Diego ranks #6 as the most expensive real estate in the United States, according to a report by Zillow.com and Movoto.com. Overall, the area’s assessed values are up 6 percent from last year, and all 18 cities in the county experienced positive growth. The city of San Marcos led the way, with an increase of 8.7 percent, and cities such as Carmel Valley, Del Mar, La Jolla, Rancho Santa Fe, Santaluz and Solana Beach are growing as well.
Higher property taxes for San Diego real estate?
The higher assessments could further boost local services. When property taxes increase, so do property tax revenues. Higher property tax revenues, which are based on assessments, typically mean more funding goes toward municipal services and local school districts.
2013-14 property taxes are expected to generate $4.8 billion in tax revenue for the county. Dronenburg said he doesn’t expect property tax values to rise more than one-half of one percent. Property tax owners who have been reassessed at higher values will be notified later this month. Those who want to appeal their assessments can do so from July 2-December 1 with the clerk of the assessment appeals board.
Earlier, state officials had earlier predicted San Diego real estate property tax increases, according to a report that projected tax increases from less than 10 percent to more than 20 percent, on average. Home values rose 17.1 percent from January 1, 2014-January 1, 2014, for real estate in San Diego County. Property owners in San Diego had previously received tax breaks, but those discounts have now largely stopped as home values have risen.