Riverside County's Property Tax Assessment Roll Rises Again

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By City News Service

For the third straight year, property values throughout Riverside County are up, signaling ongoing strength in the regional economy, according to a report released Wednesday.

The county’s property tax assessment roll in the 2015 tax year, valued as of Jan. 1, was $242.7 billion, a 5.78 percent increase from the year before, according to the Assessor-Clerk-Recorder’s Office.

“This is the third consecutive year of growth, and we are nearing our peak assessment roll of $242.9 billion (eight years ago),” said Assessor Peter Aldana. “By any measure -- whether real estate prices, new construction, employment, or population -- Riverside County clearly is one of the fastest- growing counties in the state.”

The assessment roll represents the composite value of all commercial and residential real estate within the county. The roll lost more than $20 billion during the 2009 tax year, at the deepest trough of the Great Recession, with assessments totaling $209.1 billion -- compared to $231.9 billion the prior year.

Assessed values increased the most, in percentage terms, over the last year in the unincorporated part of Menifee, where valuations totaled $633.8 million, compared to $527.4 million the year before, translating to a 20.18 percent jump.

Among incorporated municipalities, Beaumont showed the strongest percentage growth at 10.16 percent. Data showed the city’s valuations totaled $3.64 billion, compared to $3.30 billion in 2014.

The average increase in unincorporated communities and cities countywide was 6 percent.

Aldana said tract-map recordings and development permit applications for residential and commercial construction projects are robust.

The assessor reminded residents that property tax bills will start going out in October. He said some property owners will notice assessments over and above the 2 percent cap mandated by Proposition 13. That’s because state law allows property valuations that were lowered during a real estate downturn to “catch up” with prevailing market conditions, according to Aldana.

Homeowners have the right to appeal any increased assessment. More information is available at the Assessor-Clerk-Recorder’s website.

Appeals are due by Nov. 30.