Property values throughout Riverside County rose nearly 6% last year to $320.4 billion, with houses making up the largest share of the valuation, according to a report that the county Board of Supervisors reviewed recently.
The county’s property tax assessment roll for the most recent base year, valued as of Jan. 1, was 5.83% higher than in 2019, when the roll totaled $302.7 billion, according to the Assessor-Clerk-Recorder’s Office Tuesday, Aug. 4, report.
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 the last eight 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, which will be presented for the board’s consideration during its consent agenda.
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 $197.9 billion, or 62%, of the roll. Commercial real estate was second highest at $58.5 billion, or 18%, of the countywide assessment.
Data reflected that aggregate property values increased by the widest margin, in percentage terms, in the unincorporated part of Moreno Valley, where net taxable valuations totaled $1.2 billion, compared to $889 million the year before – translating to a 36% jump.
Among incorporated municipalities, Calimesa showed the strongest percentage growth at 15%. According to data, the city’s net taxable valuations totaled $1.1 billion, compared to $960.8 million during the previous base year calculation.
The city of Riverside had the highest local roll value – $35.24 billion – of all the cities and unincorporated communities listed.
Of the five supervisorial districts, the 4th 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%, which was unchanged from the previous year.
According to the assessor’s office, property tax bills for 2021 will start going out in October.
It is unclear to what extent the coronavirus pandemic will impact valuations. During budget hearings in June, Executive Office staff told the board to be prepared for tens of millions of dollars in revenue losses as the 2020-2021 fiscal year progresses.
Homeowners have the right to appeal any increased assessment. More information is available at the Assessor-Clerk-Recorder’s website: http://www.asrclkrec.com.