Murrieta Property Values Continue to Decline

While assessed property values rose in a handful of Riverside County communities for the first time in three years, they continue to decline in Murrieta and the county as a whole.

The 2011-2012 property tax assessment roll was released by the Riverside County Assessor-County Clerk-Recorder Thursday and shows Murrieta as a city decreased .59 percent. Unincorporated areas near Murrieta fell .47 percent.

Among communities with an increase in assessed value, Perris was the top city with a 1.24-percent gain, said Michele Martinez-Barrera, spokesperson for the County Assessor-County Clerk-Recorder's office.

Next was Menifee, up 1.17 percent, Moreno Valley, up .69 percent and Temecula, up .24 percent. Assessed values in all other cities declined.

Overall, the value of assessed property in Riverside County declined by 1.45 percent for fiscal year 2011-2012, a reduction that cut the assessment roll by $3 billion, Assessor-County Clerk-Recorder Larry Ward said in a news release.

The roll closed with a total net taxable value of $205 billion, down from $208 billion last year and a plunge from the 2008 peak of almost $243 billion.

Murrieta's total net taxable value was $9.7 billion, next to Temecula's $11.7 million.

In unincorporated communities, Palo Verde led the way with a 6.62 percent jump. Desert Center showed a 4.2 percent rise, followed by increases of 0.23 percent in areas outside Temecula and 0.17 percent near Yucaipa. Assessed values were down in all other unincorporated communities.

When real estate values decline, state law allows for temporary assessment reductions based on a property’s value on Jan. 1 of each year, according to Martinez-Barrera.

Ward said his office continues to review individual properties for potential value reductions that can affect property taxes and that the review is a critical process in completing the assessment roll.

This year the number of commercial properties reviewed increased significantly, and continued market declines in commercial properties contributed to a substantial decrease in the roll, Martinez-Barrera said.

Residential property values remained relatively flat this year indicating the housing market is stabilizing, Ward said.

Riverside County’s troubled real estate market has shaved property values, shrinking the revenue that pays for community services that are so important to county residents, he said.

will force down city revenue from property taxes by 2 percent in 2011-2012 compared to the previous year, Murrieta's Finance Director Joy Canfield said.

The Murrieta Fire Department is suffering from low property tax revenues caused by the sluggish housing market

Beginning July 15, Riverside County property owners can view their 2011-2012 roll value online at Riversideacr.com. Properties can be searched by address or parcel number, Martinez-Barrera said.

Value-notice letters will not be mailed to propety owners this year. Owners without access to the Internet are asked to call the Assessor’s office at 951-955-6200 to obtain the information.

Property owners who disagree with their property’s assessed value may file a free decline-in-value application online, Martinez-Barrera said.

Applications are due by Sept. 1 and are available at Riversideacr.com.

Property owners disputing the value set by the Assessor’s office may file an appeal with the Riverside County Clerk of the Board between July 2 and Nov. 30. An application for changed assessment (appeal) is available on the Clerk of the Board’s website at Rivcocob.com.