RIVERSIDE – After a multiyear decline, property values crept up in Riverside County this year, signaling possible renewed strength in the regional economy, according to a report released today.
For the first time since fiscal year 2008-09, the county’s property tax assessment roll — the composite value of all commercial and residential real estate within the county — went positive, increasing by 3.95 percent, according to the Assessor-Clerk-Recorder’s Office.
Assessor Larry Ward said the 2013-14 roll, valued as of Jan. 1, totaled $212.9 billion, compared to $204.8 billion in 2012-13.
”Studies show that rising values increase consumer confidence, which can lead to greater consumer spending that will help spur economic recovery, ” Assistant Assessor Michele Martinez-Barrera said. ”The increase also may mean more home sales, because rising prices can entice homeowners to sell their homes to purchase ‘move-up homes.”’
Assessed values rose the most, in percentage terms, in Eastvale, climbing from $6.1 billion to $6.6 billion, or 7.3 percent. Values dropped the most in the unincorporated area of Banning, declining from $786.1 million to $777.5 million, or roughly 1 percent.
Martinez-Barrera said greater valuations are largely attributable to a surge in sales of higher-end properties and a steep drop-off in foreclosure activity countywide. The majority of properties remain well below their peak values, reached during the height of the real estate bubble five or more years ago. As a result, the county is not anticipating a windfall in property tax receipts, though many homeowners will notice larger property tax bills than in previous years, county officials said.
Homeowners have the right to appeal any increased assessment. More information is available at the Assessor-Clerk-Recorder’s website: http://www.asrclkrec.com/.