Valley News -

County's tax roll exceeds $300 billion

 

Last updated 7/23/2019 at 3:18pm



RIVERSIDE - The Board of Supervisors on Tuesday, July 23 certified the latest property tax roll for Riverside County, which rose an aggregate 5.86% last year, with houses making up the largest share of the valuation.

The county's property tax assessment roll for the most recent base year, valued as of Jan. 1, was $302.7 billion, compared to $286 billion in the Jan. 1, 2018, assessment, according to the Assessor-Clerk-Recorder's Office.

The assessment roll represents the composite value of all commercial and residential real estate within the county, as well as other property, including boats, aircraft and timeshares. The roll has increased for the last seven consecutive years. During the Great Recession, $38 billion in value was lost, with assessments bottoming out at $204.8 billion in tax year 2012, according to the assessor's report.

The roll was valued at $242.9 billion in 2008, before the deflationary cycle triggered by the economic downturn.

Assessor-Clerk-Recorder Peter Aldana said data in the current roll was vetted and verified by the county's "new state-of-the-art property tax system,'' built by Thomson-Reuters. It replaced the legacy system in use for almost 50 years, he said.

According to Aldana, the replacement system will translate to improved inter-agency communication, particularly between the Office of the Treasurer and the Assessor-Clerk-Recorder's Office. Aldana added that real estate market conditions will be tracked more efficiently.

He said that despite the jump in valuations countywide, property owners will not see a proportional increase in annual property taxes, thanks to Proposition 13, which generally caps rates at 2 percent.

Single-family residences represented $185.37 billion, or 61%, of the roll, figures showed. Commercial real estate was second highest at $61 billion, or 20%, of the countywide assessment.

Data reflected that aggregate property values increased by the widest margin, in percentage terms, in the unincorporated part of Menifee, where valuations totaled $1.12 billion, compared to $960 million the year before -- translating to a 17% rise.

Among incorporated municipalities, Beaumont showed the strongest percentage growth at 11%. According to data, the city's valuations totaled $5.2 billion, compared to $4.7 billion during the prior base year calculation.

The city of Riverside had the highest net taxable value -- $31.55 billion -- of all the cities and unincorporated areas listed on the roll.

Of the five supervisorial districts, the Fourth District, which stretches from Whitewater to the Arizona state line, south to the Salton Sea and north through Joshua Tree National Park, comprised the biggest chunk of the roll value at 28% .

According to the assessor's office, property tax bills for 2020 will start going out in October.

Homeowners have the right to appeal any increased assessment. More information is available at the Assessor-Clerk-Recorder's website: http://www.asrclkrec.com/ .

 

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