Riverside County’s property assessments continue to recover from the last recession. For fiscal 2017-18, the assessment roll exceeds its previous record achieved in 2008. Current total county property assessment is $269.1 billion, which is 5.5 percent more than last year’s total of $255.1 billion.
This is the fifth-consecutive year of growth after Riverside County suffered four consecutive years of decline.
In a press release, Assessor-County Clerk-Recorder Peter Aldana said, “Market growth in all real estate sectors is driving up the assessment roll by more than 5 percent to $269 billion for the fiscal year that began July 1. Property values in all sectors of the market have rebounded steadily over the last few years.”
Since 2012, the assessment roll has increased more than 31 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.
Fiscal year 2017-18 is the sixth-consecutive year of growth. In the past year, Idyllwild property assessments have grown 4.8 percent to a total of $839.3 million from last year’s $800.7 million valuation.
Property owners and residents will benefit from a 5-percent increase in home prices, but that does not mean property owners will necessarily see a commensurate increase in taxes, according to Aldana.
Despite the increases, the average property owner will not see a comparable rise in property taxes. Because the assessor enrolls most properties at their Proposition 13 value, the actual property tax cannot increase by more than 2 percent annually.
State law requires the assessor to complete the roll before July 1 and to enroll the lower value under Prop 13, adjusted for inflation or current market value, Aldana’s statement said.
Another measure, Prop 8, allows the assessor to enroll a property’s market value when it falls below the Prop 13 value. For the fiscal year that began July 1, the assessor reduced more than 101,000 such properties with single-family homes. That is nearly 19,000 homes fewer than last year.
As a property’s market value recovers, the assessor must restore previous reductions. When property-tax bills go out in October, property owners will be notified of any changes in value made pursuant to Prop 8.
Property owners who disagree with their valuation may file a free decline-in-value application online. Applications are due by Nov. 1, and are available at www.riversideacr.com. Property owners may review their assessment roll value by visiting the assessor’s website at www.riversideacr.com or calling 951-955-6200.