Residential and commercial property values declined for the fourth straight year in Riverside County, but only fractionally, revealing signs of life in the Inland Empire’s battered real estate market, according to a report released on Monday July 2.
The Assessor-Clerk-Recorder’s 2012-13 fiscal year figures on the county property tax assessment roll estimated the composite value of all commercial and residential real estate in Riverside County to be $204.8 billion, compared to $205.1 billion in 2011-12. That’s less than a quarter-percent decline.
The roll fell from $208.2 billion between 2010 and 2011, a drop of around 1.5 percent. Values are based on properties’ estimated worth as of January of each year.
County Assessor-Clerk-Recorder Larry Ward said the smaller decreases point to a return to stability in area real estate.
“Stabilizing factors include the decline in foreclosure-related activity … as well as slightly increased values for commercial properties, specifically apartments and mega-warehouses,” according to an Assessor-Clerk-Recorder’s Office statement.
Ward will be discussing the assessment roll during tomorrow’s Board of Supervisors meeting.
During budget hearings in March and June, county officials worried about the impact of continuing declines in property tax assessments. Property tax revenue comprises more than 80 percent of the county’s discretionary income.
The assessor’s report would appear to jibe with economic forecasts provided to the board in May which indicated the local economy would grow grudgingly over the next few years, gradually shaking off the effects of the ”Great Recession.”
A total of 515,114 single-family homes, 63,723 condominiums and 64,933 mobile homes countywide were included in the residential assessment. The roll counted 27,099 commercial properties.
According to assessor’s office spokeswoman Michelle Martinez-Barrera, adjustments were made to 337,000 residential properties. She said most of those modifications were in the form of a reduction.
The number of commercial property adjustments couldn’t immediately be confirmed.
Assessed valuations by city showed that Coachella recorded the largestdecline in value — 4.92 percent. The largest gain was in the city of Eastvale, at 3.29 percent.
Jurupa Valley’s conversion to a municipality resulted in double-digit declines in several unincorporated communities. The largest increase among unincorporated areas was in Desert Center, where the net aggregate taxable value of properties jumped 102 percent.
Property owners can view their valuations online at www.riversideacr.com.
Owners who wish to dispute their assessments have until Sept. 4 to file Proposition 8 decline-in-value applications, which will be reviewed by an assessment appeals board.