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Increase in San Diego Property Value

Ernest Dronenburg Jr., the San Diego County Clerk, announced an increase in san diego property value. In comparison to last year, the value of approximately 985,000 taxable properties had already risen by 6.2 percent in the beginning of this year. The properties reached a worth of close to $433.4 billion. If properties that are owned by nonprofits and the disabled are taken out of the equation, the land remaining would accumulate to about $417 billion in property taxes. The property tax revenue brings in the largest supply of money for cities and schools. Every city in San Diego County, 18 in all, has increased in property value since last year. Of the 18, the city with the greatest increase in property value was San Marcos, which increased by 8.7 percent. National City increased the least, by 2.5 percent.

For every individual homeowner, the value of property will only increase by up to 0.5 percent. Due to Proposition 13, which states that property value cannot exceed the California Consumer Price Index or grow by more than 2 percent, the growth in the value of property is limited. The California Consumer Price Index increased by less than 0.5 percent determining that homes cannot increase by more than 0.5 percent. But, there are three exception to Proposition 13. If a home has had their taxable value lessened in the course of the recession, or the property changed ownership, or their was new construction done on the property, the standards set by Proposition 13 is not applicable.

If your property has increased in value, you should have been notified after July 7th. After being notified, you have until December 1st of this year to argue if you believe that your property value should be lower. The Clerk of the Assessment Appeals Board provides application forms for this process.

With property value in San Diego County increasing, it is a great time to purchase a home. Take advantage of the best-valued properties while they are still on the market!

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