Riverside County Rise in Property Value To Outpace Property-Tax Increase
Riverside, Ca – Despite a nearly six percent overall increase in property value in Riverside County, the average owner will not see a commensurate increase in property taxes, according to Riverside County’s Assessor-County Clerk-Recorder.
All sectors of Riverside County’s real estate market grew in the fiscal year that ended June 30. Assessor-County Clerk-Recorder Peter Aldana announced today that the taxable value of all property in Riverside County for the current year is $302 billion. This year’s tax roll—a list of all taxable property, its owner and its value as of Jan. 1—will generate more than $3 billion for local government services.
“This is a special roll to me,” Aldana said. “It marks the first roll closed with our new state-of-the-art property tax system. I am proud of the work my team of dedicated public servants performed, working tirelessly and innovating solutions to complete this major software upgrade. Their effort helps fund the local school and safety services that make our communities thrive.”
Riverside County’s new property tax system—a joint project between the Assessor, Auditor and Tax Collector, and built by Thomson-Reuters—replaces a 47-year-old legacy system. The new system will improve communication between departments, improve efficiency and help the Assessor track market conditions more effectively.
Home prices continued to grow even as sales began to slow at the end of 2018. CoreLogic, a real estate information services firm, reported a 3.5 percent rise in median home prices. Lower rents and prices of inland properties helped attract investors and industrial users to Riverside County, fueling increased demand in warehouse facilities resulting in higher prices for commercial-industrial properties.
Despite the increases, most property owners will not see an equal rise in property taxes. State law requires the assessor to enroll the property at its current market value, or at the lower value under Prop. 13, adjusted for inflation. The assessor enrolls most properties at their Prop. 13 value and taxes typically can increase by no more than two percent each year. Approximately 83 percent of Riverside County property is protected under Prop. 13.
Property tax bills, which go out in October, notify owners about changes in property value. Although the assessor works to enroll fair-market values, an owner might disagree with the valuation. Those owners may file a free decline-in-value application online. Applications are due by Nov. 1 and are available at www.asrclkrec.com. Property owners may review their assessment roll value by visiting the Assessor’s website at www.asrclkrec.com or calling (951) 955-6200.
Property owners may also request a formal hearing before the Assessment Appeals Board. The deadline to file is Nov. 30. The application is available on the Clerk of the Board’s website at www.rivcocob.org.