RIVERSIDE – Property values throughout Riverside County rose nearly 6% last year to $338.2 billion, with houses making up the largest share of the valuation, according to a report that the Board of Supervisors signed off on without comment today.
The county’s property tax assessment roll for the most recent base year, valued as of Jan. 1, was 5.58% higher than in 2020, when the roll totaled $320.4 billion, according to the Assessor-Clerk-Recorder’s Office.
The assessment roll represents the composite value of all commercial and residential real estate within the county, as well as other property, including boats, aircraft and timeshares.
The roll has increased for nine consecutive years. During the Great Recession, $38 billion in value was lost, with assessments bottoming out at $204.8 billion in tax year 2012, according to the assessor’s report.
The roll was valued at $242.9 billion in 2008, before the deflationary cycle triggered by the economic downturn.
In the most recent assessment, single-family residences represented $209 billion, or 61%, of the roll. Commercial real estate was second highest at $61.3 billion, or 18%, of the countywide assessment.
Aggregate property values increased by the widest margin, in percentage terms, in the unincorporated part of Moreno Valley, where net taxable valuations totaled $1.53 billion, compared to $1.21 billion the year before — translating to a 26% jump.
Among municipalities, Calimesa showed the strongest percentage growth at 15%. The city’s net taxable valuations totaled $1.27 billion, compared to $1.1 billion during the prior base year calculation.
The city of Riverside had the highest local roll value — $37 billion — of all the cities and unincorporated communities listed.
Of the five supervisorial districts, the Fourth District, which stretches from Whitewater to the Arizona state line, south to the Salton Sea and north into Joshua Tree National Park, comprised the biggest chunk of the roll at 28%, unchanged from the previous year.
According to the assessor’s office, property tax bills for 2022 will start going out in October.
Homeowners have the right to appeal any increased assessment. More information is available at the Assessor-Clerk-Recorder’s website at www.asrclkrec.com/.
Copyright 2021, City News Service, Inc.
CNS-07-27-2021 11:46
