For the first time in three years, property values in Riverside County are relatively stable compared to the previous year, the Assessor-County Clerk-Recorder announced today.
Overall, the value of assessed property in Riverside County declined by less than 1 percent for fiscal year 2012-13, a $299 million reduction in the countywide assessment roll. The roll for the fiscal year that begins July 1 closed with a total taxable value of $204.8 billion, relatively unchanged from $205.1 billion a year ago.
The cities of Hemet, Canyon Lake and Temecula were the only cities in southwest Riverside County to see increases; the cities of Murrieta and Menifee both saw decreases below 1 percent.
In Murrieta, net taxable property values decreased by .28 percent for fiscal year 2012-13, an improvement compared to the previous year
The unincorporated area within Temecula’s sphere of influence was the only local Southwest Riverside County unincorporated area that saw an increase in value. The unincorporated area of Murrieta saw a decrease of 1.21 percent.
While southwest Riverside County’s numbers appear strong compared to the rest of the county, Lake Elsinore, Wildomar and surrounding unincorporated area still show a lag. (See attached charts.)
Overall, the housing market’s modest rebound over the last six months helped stabilize property values, Assessor-County Clerk-Recorder Larry Ward said. Other stabilizing factors include the decline in foreclosure-related activity –- which has helped to substantiate property values –- as well as slightly increased values for commercial properties, specifically apartments and mega-warehouses, Ward said.
No community had a change in value greater than 5 percent. The cities with the largest percentage increase are Eastvale at 3.29 percent and Indian Wells at 2.93 percent. Cities with the largest percentage decreases are Coachella and Desert Hot Springs, with decreases of 4.92 percent and 4.80 percent, respectively.
Under state law, temporary assessment reductions may be made based on a property’s value on Jan. 1 of each year.
Ward said his office continues to review individual properties for potential reductions in value, which can affect property taxes. The review is a critical process in completing the assessment roll.
Beginning July 15, Riverside County at Riversideacr.com. Properties can be searched by address or parcel number. Value-notice letters will not be mailed this year but owners without access to the Internet can call the Assessor’s office at 951-955-6200 to obtain the information.
Property owners who disagree with their property’s assessed value can file a free decline-in-value application online. Applications are due by Sept. 4 and are available at Riversideacr.com.
Property owners disputing the value set by the Assessor’s office can 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.
For more information, visit Riversideacr.com or call 951-955-6200 or toll free 800-746-1544.