Riverside County’s property assessments have finally recovered from the recent recession. For fiscal year 2016-17, the county’s assessment roll exceeds its previous record, which was achieved in 2008. The total county property assessment is $255.1 billion, which is 5 percent more than last year’s total of $242.7 billion.
“This is the fourth-consecutive year of growth [after four consecutive years of decline] and we have exceeded our previous peak of $242.9 billion in 2008,” Assessor-County Clerk-Recorder Peter Aldana said in a press release.
Since 2012, the assessment roll has increased nearly 25 percent from the recession low of $204.9 billion.
Idyllwild properties reached an assessed low of $677 million in 2011 and have been growing since. In 2015, Idyllwild assessed property values were $765.6 million, $3.7 million more than the 2008 high.
For fiscal year 2016-17, Idyllwild property assessments have grown 4.6 percent to a total of $800.7 million.
Within the cities, Temecula and Hemet have the greatest assessed values, $6.4 billion and $4.4 billion, respectively. But the greatest increase was in Riverside, which grew $216 million to a total of $3.1 billion.
“At the lowest point, values dropped for more than 337,000 single-family properties because the real estate market declined,” Aldana said. “As the market has steadily increased, 120,000 properties remain in this reduced status.”
“Under California’s Prop 8, assessed values should be lowered temporarily if recession or other factors reduce a property’s value below its Prop 13 value on Jan. 1 of each year. As economic recovery increases market value, valuations previously lowered because of Prop 8 must be increased to match the subsequent upswing. In those cases, property-tax increases are allowed to exceed the standard 2 percent annual cap set by Proposition 13,” according to the press release.
This year’s Prop 13 annual inflation cap is 1.525 percent, per the California Consumer Price Index. Assessed values will increase this much for owners whose assessments were not reduced due to Prop 8.
But despite the roll’s increase, Aldana said “many properties remain well below peak values and changes in the real-estate market can affect subsequent assessed values.” He said his office “continues to review individual properties for potential changes in value, which can affect property taxes.”
Owners whose assessments increase under Prop 8 should receive notification from Aldana in their regular 2016-17 tax bills, which Treasurer-Tax Collector Don Kent should send in October.
Property owners can search for their 2016-17 roll value at www.riversideacr.com by address or parcel number. Property owners who disagree with the assessed value may file a free, decline-in-value application online with the Assessor’s office. Applications are due by Nov. 1 and are available at www.riversideacr.com.
Property owners disputing the value may file an appeal with the Riverside County Clerk of the Board until Nov. 30. An application to appeal a changed assessment is available at www.rivcocob.org.