Local property values rebound following multi-year decline
After a multiyear decline, property values crept up inRiverside County this year, signaling possible renewed strength in theregional economy, according to a report released today.
For the first time since fiscal year 2008-09, the county’s property taxassessment roll — the composite value of all commercial and residential realestate within the county — went positive, increasing by 3.95 percent,according to the Assessor-Clerk-Recorder’s Office.
Assessor Larry Ward said the 2013-14 roll, valued as of Jan. 1, totaled$205.3 billion, compared to $197 billion in 2012-13.
“Studies show that rising values increase consumer confidence, whichcan lead to greater consumer spending that will help spur economic recovery,”Assistant Assessor Michele Martinez-Barrera said. “The increase also may meanmore home sales, because rising prices can entice homeowners to sell theirhomes to purchase `move-up homes.”’
Martinez-Barrera said greater valuations are largely attributable to asurge in sales of higher-end properties and a steep drop-off in foreclosureactivity countywide. The majority of properties remain well below their peakvalues, reached during the height of the real estate bubble five or more yearsago. As a result, the county is not anticipating a windfall in property taxreceipts.
