News headline from Assessor-County Clerk-Recorder Larry Ward:
Assessed property values in Riverside County will rise for the first time in five years, says Assessor-County Clerk-Recorder Larry Ward.
Median home prices in Riverside County improved by more than 25 percent in calendar year 2012, propelling a 3.95 percent increase in Riverside County’s tax roll for the 2013-14 tax year. Overall, assessed value in Riverside County will increase from $204.89 billion for the 2012-13 tax year to $212.98 billion for the 2013-14 tax year, Ward said.
The increase means local governments receive more property-tax revenue to help pay for community services. Rising home values benefit homeowners too, as home equity grows.
Though the median sale price has increased by 25 percent in Riverside County, most property owners will not see an equivalent increase in their property taxes. Much of the median price increase can be attributed to a broader mix of homes selling in the market., according to the County of Riverside.
A substantial decline in foreclosure-related activity has also significantly affected Riverside County’s improved real estate market.
Under California’s Prop. 8, the value of about half the properties in Riverside County was reduced in recent years to help keep values in line with the depressed housing market.
Under the law, as economic recovery propels sales prices, valuations lowered during the recession must increase to match the subsequent upswing in the market. In that situation, property taxes on those properties may exceed the standard 2 percent annual cap set by Prop. 13.
Under state law, assessed values can be lowered temporarily based on a property’s value on Jan. 1 of each year. Changes in the real-estate market can affect subsequent assessed values and Ward said his office continues to review individual properties for potential changes in value, which can affect property taxes.
Beginning July 15, Riverside County property owners will be able to view their 2013-14 roll value online at www.riversideacr.com.
Properties can be searched by address or parcel number. Property owners whose assessed value has changed this year will receive a notice in their regular tax bills for 2013-2014, which will be sent in October by Treasurer-Tax Collector Don Kent.
Filed under Headline
Tuesday, July 2, 2013
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