San Diego property values drop .14 percent

The 2012 assessed value of all taxable property in San Diego has decreased 0.14 percent (or $568 million) from last year, said San Diego County Assessor Ernie Dronenburg.

This year’s total assessed value is $395.1 billion. After deducting tax-exempt properties (charitable, homeowners, disabled, etc.) the net taxable assessed value is $380 billion, and based on a 1 percent tax rate it would produce approximately $3.8 billion in property taxes.

“At least three major elements influenced the roll value for 2012,” Dronenburg said in a press release. “The continued soft real estate market, especially in owner-occupied residential, negatively influenced the roll.

“Offsetting the negative elements somewhat were changes in ownership and new construction activity and the positive indexing factor on Prop 13 values.”

“This year’s California Consumer Price Index (CCPI) was at the maximum allowed by Prop 13 (2 percent). Indexing added just under $4.8 billion in assessed value. Changes in ownership of parcels added $4.8 billion. New construction activity added $1.9 billion to the roll. Partially offsetting these increases were over 101,021 parcels that were reduced in value due to the market value being lower than assessed value calculation pursuant to Prop 13.

“There were other reductions in the roll this year

also,” stated Dronenburg. “For example, the purchase of State Route 125 by government took off almost $300 million from the roll. The temporary roll reductions and miscellaneous reductions caused the overall roll to be less in 2012.”

In addition to the 980,654 taxable parcels on the secured tax roll, the county also values business personal property and boats and aircraft. During 2012, 59,775 businesses, 14,105 aircraft and 1,756 boats were valued for the tax roll.

Cities and school districts rely heavily on property tax revenue. Of the eighteen cities in this county, six experienced a small decline in value while the remaining 12 cities had positive growth.

The cities of Coronado and Solana Beach had the largest increases of 3.92 percent and 4.88 percent respectively.

“For the taxpayers who have been granted a temporarily reduced assessment, their notices of reductions will be mailed in mid-July,” Dronenburg said. Those who disagree with their assessed values and can support a lower value may file an Assessment Appeal Application between July 2 and Nov. 30, 2012. Application forms are available from the Clerk of the Assessment Appeals Board at (619) 531-5777 or from sdcounty.ca.gov/cob

   
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