Board of Supervisors OKs $432 billion tax roll report without discussing budget
The Board of Supervisors today signed off on a Riverside County Assessor-Clerk-Recorder's report showing the property tax roll has reached $432.97 billion, without any points raised as to what implications the higher valuation might have for the county budget.
The county's property tax assessment roll for the most recent base year, valued as of Jan. 1, was 7% greater than in January 2023, when the roll was valued at $404.23 billion, according to the Assessor-Clerk-Recorder's Office.
The board folded the report into a block vote on numerous other agenda items, signaling no desire to address prospective budgetary impacts or benefits.
"Fair and accurate property assessments ensure that schools are adequately funded, public safety and law enforcement services are well-supported and other county services, such as infrastructure and public health, are maintained," Assessor-Clerk-Recorder Peter Aldana said earlier this month regarding the valuation. "This contributes to the overall quality of life for all residents."
He characterized the county's real estate market as "dynamic," experiencing "substantial growth ... over the past few years." Inflationary pressures, attributable in part to limited available housing inventory, have factored into the property tax expansion throughout the region and elsewhere, according to economists.
California Association of Realtors' figures show the median home price countywide is $650,000, compared to $629,000 a year ago.
The assessment roll represents the composite value of all commercial and residential real estate within the county, as well as other property, including boats, aircraft and timeshares. The roll has increased for 12 consecutive years. During the Great Recession, $38 billion in value was lost, with assessments bottoming out at $204.8 billion in tax year 2012, according to the assessor's report. The roll had been valued at $242.9 billion in 2008, before the deflationary cycle triggered by the economic downturn.
In the most recent assessment, residences, counted as single-family houses, apartments and condominiums, along with commercial structures, represented $391 billion, or 84%, of the roll.
Aggregate property values increased by the widest margin, in percentage terms, in Desert Center, where net taxable valuations totaled $484.7 million, compared to $334 million the year before -- translating to a 45% jump.
Among municipalities, Beaumont showed the strongest percentage growth at 15.62%. The city's net taxable valuations totaled $9.32 billion, compared to $8 billion during the prior base year calculation.
As with every year, the city of Riverside had the highest local roll -- $45.27 billion -- of all the cities and unincorporated communities listed. In the Coachella Valley, Palm Desert boasted the biggest aggregate assessment at $20.68 billion.
According to the assessor's office, property tax bills for the current tax year will start going out in October. Officials noted almost 85% of residences countywide are under Proposition 13 tax mitigation protection, meaning that regardless of the inflation rate, taxes can only go up on an additional 2% of tax increment.
