Value Of Taxable Property Drops By .14%
SAN DIEGO — The assessed value of all taxable property in San Diego County fell by 0.14 percent, or about $568 million, from last year, the county’s assessor announced Friday. After deducting tax exempt properties, the net taxable assessed value is $380 billion, expected to generate about $3.8 billion in property taxes. In addition to the more than 980,000 taxable parcels on the secured tax roll, the county also values business personal property and boats and aircraft. In 2012, nearly 60,000 businesses, more than 14,000 aircraft and 1,756 boats were valued for the tax roll. “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 of Prop 13 values,” Assessor Ernie Dronenburg said. This year’s California Consumer Price Index was at the maximum allowed by Proposition 13. Indexing added just under $4.8 billion in assessed value. Changes in ownership of parcels added $4.8 billion and new construction activity added $1.9 billion to the roll, Dronenburg said. Partially offsetting the increases, more than 101,021 parcels were reduced in value due to the market value being lower than the assessed value calculation, he said. “There were other reductions in the roll this year also,” Dronenburg said. “For example, the purchase of state Route 125 by the 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.” Of the 18 incorporated cities in San Diego County, six experienced a small decline in value, Dronenburg said. Chula Vista fell by 0.71 percent, Carlsbad by 0.38 percent and San Diego lost 0.24 percent. The unincorporated areas of the county fell by 1.59 percent. Solana Beach Coronado had the largest increases with 4.88 percent and 3.92 percent, respectively.Copyright 2012 by City News Service. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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