County assessments grow 7 % for 2024
Last month, Peter Aldana, Riverside County’s Assessor-County
Clerk-Recorder, announced that the County’s total real estate assessment
valuation has exceeded $430 billion for the first time. The 2024
assessment of $433 billion is $29 billion (7.1%) more than the 2023
total.
“This year’s Assessment Roll not only demonstrates the dynamic nature of
our real estate market but also the substantial growth we’ve seen over
the past few years.,” Aldana said in his press release.
In 2023, valuations grew more than 9%, the first year they exceeded $400
billion. Only five years ago, 2019, was the first time valuations
exceeded $300 billion, but it took 14 years to reach that level from
$200 billion in 2006. Overall, the real estate valuation in all
unincorporated areas rose 8.9%.
Total County property assessments have grown nearly 90% in the past ten
years and are three and half times as great as 20 years ago in
2003-2004.
In the Idyllwild and Pine Cove areas, property assessments for 2024-25
will total $1.4 billion, 5% greater than last year. Residential
properties (3,742 total properties) assessed at $1.27 billion are the
vast majority of local assessment value. Commercial properties total
slightly more than $110 million.
Only two local properties have an assessed value greater than $5
million. Of the 3,742 properties another 88 have assessed value greater
than $1 million. Almost 3,000 properties are assessed between $100,000
and $500,000.
Aldana’s press release provided the following information for property
owners who may have questions. A review the 2024 assessment roll value
is available on the Riverside County Assessor’s public access online
services website at ca-riverside-acr.publicaccessnow.com/.
If there are concerns about a valuation, owners may file a free
decline-in-value application online by visiting the following site:
ca-riverside-acr.publicaccessnow.com/E-Forms/DeclineinValueApplication.aspx.
The decline-in-value objections are due by Nov. 1.
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 Assessment Appeals
Online (aao.countyofriverside.us/).
For more information or to contact the Riverside County
Assessor-Clerk-Recorder, visit www.rivcoacr.org