02 Oct Property taxes on San Diego real estate expected to increase

San Diego real estate owners should soon receive their 2014-2015 property tax bills in the mail – and they may be higher than last year’s.

Property taxes could spike as much as 20 percent for some San Diego real estate owners this year. The increase is coming in part because there are an additional 2,758 taxable parcels on property tax rolls.

Last year, 984,587 property tax notices were distributed by the San Diego County Treasurer-Tax Collector this year, up from 981,829 notices the year before. This year’s property taxes are expected to generate $5.07 billion, up from $4.82 billion from last year. The bulk of the increase, however, comes, not because of the additional parcels and new home assessments but, ironically, because of improvements in real estate in San Diego.

About 200,000 residents received lower adjustments during the housing crash. Now that the market has improved, assessments are higher – and it’s time to pay more in property taxes. Taxes increased for some residents during the 2013-2014 tax year.

San Diego real estate market goes up, and so do property taxes

The San Diego real estate market is worth an estimated $433.4 billion, according to figures from the San Diego County Assessor/Recorder/Clerk’s office in July. It based its figure by the county’s assessed values of nearly 985,000 taxable properties at the beginning of 2014.

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. San Diego cities such as San Marco, Carmel Valley, Del Mar, La Jolla, Rancho Santa Fe, Santaluz and Solana Beach are growing at record pace.

Home values rose 17.1 percent from January 1, 2014-January 1, 2014, for real estate in San Diego County.

Paying what you owe

Property tax owners have a few payment options. They can pay in several installments, with the first payment due Nov. 1. Payments can be made online at http://www.sdtreastax.com, by phone at 855-829-3773, or at branch offices.

Property tax owners who do not receive bills by Nov. 1 should call the Treasurer-Tax Collector’s Office at 877-829-4732.