Assessed Values Rise on Homes in Inland Area

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Filed under: Market Comentary

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A recent article by Debra Gruszecki of The Press Enterprise focused on some good news for Southern California homeowners showing property values on the rise. According to the 2013-14 California State Board of Equalization report, which is used to calculate property taxes, Southern California counties assessed property vaulations are higher than they were in 2012-13.

According to the article, Riverside, San Bernardino, Orange, San Diego, and Los Angeles counties had property value increases of more than 3% for the 2013-14 tax year. Gruszecki says that this is a positive sign for the lackluster economy and local governments eager for more revenue.

Los Angeles County had a 4.7% property value increase, while Riverside County had a 4.1% increase. Orange County showed a 3.6% increase, San Diego County, a 3.2% increase, and San Bernardino County had a 3% increase.

The article quoted Board of Equalization Vice Chair Michelle Steel as saying, “This continuing gain in property values is an encouraging sign for your Southern California economy.”

For the first time in five years, Riverside County’s assessed property value will rise, and Gruszecki wrote that “The gains are a welcome reprieve to county governments that have been strapped since the housing implosion five years ago.”

The article also stated that the gains mean that property tax bills will go up slightly.

More good news is that many properties that were once below the peak value have either come out of their underwater position or they are beginning to gain a modicum of equity, according to Gruszecki.

Inland economist John Husing said in the article, “If I’m sitting here as a homeowner, the good news is there are a lot fewer people who are underwater on their mortgage.” Gruszecki wrote that the percentage of Inland homes in underwater equity positions has actually fallen to 24% from 54% they were four years ago.

The property value is also increasing statewide as 51 of the 58 counties in California posted increases in assessed value. And, according to the article, valuations California’s 43 inland counties rose 4.6%.

If you are interested in buying, selling, or even refinancing, please give me a call and we can talk about what it takes to do what you want to accomplish.

 

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