County Assessor/Recorder/Clerk Gregory 1. Smith announced today that the assessed value of all taxable property in San Diego County has increased $17.9 billion over the previous year to $409.3 billion. This is a 4.59% increase in total assessed value, and includes the values of 975,679 parcels, 159,183 businesses, 75,305 boats, 22,923 manufactured homes, and 5,189 aircraft. Benefiting from increased property tax assessments are 387 taxing jurisdictions, including the County, cities, schools, and special districts.Smith wants to reassure property owners that the 4.59% overall increase does not applyto individual properties. Under State law (Proposition 13), real property is reassessedupon a change in ownership or new construction. Except for these two instances, property assessments cannot be increased by more than 2% annually.
The Assessor's Office appraised over 63,300 properties due to changes of ownership, and 26,700 properties with new construction, for a total of 90,000 reassessments. An additional 8,200 new parcels were added to the assessment roll this year because of new subdivisions and condominiums.
The five largest properties valued this year due to a change in ownership or new construction activity were State Route 125Toll Road, valued at $600 million, Las Americas Premium Outlets at the SanYsidro border crossing, valued at $283 million, Advanced Equities Building on West Broadway in Downtown San Diego, valued at$210 million, Grand Del Mar Hotel, valued at $206.9 million, and Pacific Center I & II office buildings in Mission Valley, valued at $200.1 million.The State Route 125 Toll Road assessment at $600 million represents the single highest assessment in San Diego County history. Additionally, two large portfolio sales involving multiple properties occurred in San Diego County during 2007. InApril 2007, the Irvine Company purchased over $1 billion in office properties from Blackstone, and in October 2007, Tishman-Speyer purchased over $1 billion in apartment properties from Archstone. (See the attached list of all property sales and new construction over $50 million.)
According to Smith, "The above demonstrates that the commercial market has remained strong. The residential real estate market, on the other hand, has continued to decline since hitting its peak in 2005. The subprime mortgage crisis and the resulting dramatic increase in the number of foreclosures have contributed to this downturn." The cities that were most impacted by the downturn in the residential market and the subsequent reductions in value were San Marcos, Escondido, Poway, Chula Vista,and El Cajon. However, the coastal cities of Del Mar at 9.96%, Coronado at 8.74%,Carlsbad at 7.57%, and Solana Beach at 6.37% experienced the largest percentage increases, primarily due to the continued strength of the coastal residential market.(See attached summary of total assessed value by city.) Read More
County Administration Center: http://www.sdarcc.com/
