Riverside County tax roll grows as economy rebounds from COVID

By Riverside County
Contributed

Strong demand for real estate led to nearly a 6% increase in assessed values in Riverside County going into 2021, according to Riverside County’s Assessor-County Clerk-Recorder.
Assessor-County Clerk-Recorder Peter Aldana announced today that the total taxable value of all property in Riverside County for the current year grew to $338 billion, an $18-billion increase. This year’s tax roll — a list of all taxable property, its owner, and its value as of Jan. 1 — will generate roughly $3.3 billion for local government services.
“We all were concerned about the impact of COVID on assessed values,” Aldana said. “But the economy has rebounded quickly, and the strength and growth of the real estate market are reflections of that recovery. I also must give credit to the tremendous team effort that closed the assessment roll on time during this difficult year. Everyone put in long and hard hours, but the results for the county are worth it.”
The median home price in Riverside County grew to $488,250 in December 2020, setting a record high for any December, according to the California Association of Realtors.
Despite the increase in home prices, most property owners will not see an equal rise in property taxes on their next annual tax bill, which will be mailed in October. State law requires the assessor to enroll real property at the lesser of its current market value or the Prop 13 value — the market value as of the date the property was acquired or constructed, adjusted up to 2% annually for inflation. Eighty-four percent of Riverside County property is enrolled at its protected Prop 13 value.
Property owners may review their 2021 assessment roll value by visiting the assessor’s public access website at https://ca-riverside-acr.publicaccessnow.com/Home.aspx or calling 951-955-6200. Although the assessor works to enroll fair-market values, an owner might disagree with the valuation. Those owners may file a free decline-in-value application online. Applications are due by Nov. 1 and are available at the above-mentioned website.
Property owners also may request a formal hearing before the assessment appeals board. The deadline to file is Nov. 30. The application is available on the clerk of the board’s website at www.rivcocob.org/.

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