The assessed value of all taxable property in San Diego County fell 0.14 percent to $395.1 billion, according to Ernie Dronenburg, the San Diego County assessor-recorder-clerk.
Assessed values differ from market values of property, thanks to a cap on how fast property values can rise because of California’s Proposition 13.
Assessed property also includes boats, aircraft, and businesses.
A 2 percent automatic increase in property values allowed by the law was counteracted by homeowners getting their properties reassessed down from real-estate-bubble-era prices.
“”The continued soft real estate market, especially in owner-occupied residential, negatively influenced the roll,” Dronenburg said.
The drop in assessed value comes primarily from a combination of three sources: a $500 million increase in the value of tax-exempt properties, like churches; the transfer of some property to the government, notably the property for the SR-125 extension; and a huge increase in the number of properties reassessed at lower values.
This last had the largest impact. In 2010, the county reassessed 38,000 properties, removing $4.8 billion from the rolls. In 2011, the county reassessed 101,000 properties, taking $9.6 billion from the rolls.
Offsetting those declines were an automatic increase in the assessed value of all properties by $4.8 billion, the addition of $4.8 billion in reassessments when new owners bought property, and $1.9 billion from new construction.