The assessed value of all taxable property in San Diego County was $439 billion as of Jan. 1, up $23.4 billion, or 5.6 percent, over last year, it was announced Wednesday.
“Comparable sales and virtually all other market indicators continue to point to an upward trend in property values,” Dronenburg said.
He said that all 18 cities in the region saw an increase in property values for the second year in a row. Imperial Beach led the way with a 7.3 percent hike. The city of San Diego’s value went up 6 percent.
Most owners will see a property tax increase of less than 2 percent because of Proposition 13 restrictions, he said, though properties where ownership is transferred will be assessed at their full value.
Dronenburg said properties reassessed during the recession to levels below their Proposition 13 base values could also see a rise greater than 2 percent.
Many, but not all, of the properties that were reassessed at lower levels during the recession have had their values restored. It could be several years before all the properties are assessed at pre-recession levels, he said.
Owners who disagree with their assessment can file an appeal form between July 2 and Nov. 30. Forms are available online at sdcounty.ca.gov/cob, or by calling the Assessment Appeals Board at (619) 531-5777.
— City News Service
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