omha.info - COUNTY'S TOTAL ASSESSED VALUE DECLINES

County Assessor/Recorder/Clerk David L. Butler announced today that the assessed value of all taxable property in San Diego County has decreased $9.46 billion over the previous year to $399.9 billion. This is a 2.3% decrease in total assessed value, and represents the first time the assessed value has declined in the last 25 years. This includes the values of 978,011 parcels, 159,586 businesses, 77,881 boats, 23,109 manufactured homes, and 5,247 aircraft. The Assessor's Office appraised over 62,600 properties .due to changes of ownership, and 16,900 properties with new construction, for a total of79,500 reassessments.

This first-time decrease in total assessed value is a direct reflection of the continued decline in residential values and activity. In addition, there was a slowdown in commercial activityas reflected by only 12 commercial property sales or new construction over $50 million (see attachment), as compared to last year's 53 such large projects. The cities most impacted by the downturn in the residential market and the subsequent reductions in value were Chula Vista, Lemon Grove, Escondido, San Marcos, and Oceanside, all of whom experienced a decrease in total assessed value of greater than 5%. The only cities with an increase in total assessed value were Del Mar, Coronado, Solana Beach, Poway, and Encinitas. (See attached summary of total assessed value by city.)

Property owners filed 56,000 new applications for reassessment reviews due to a decline in value. Taking a proactive approach, the Assessor's Office reviewed nearly 225,000 properties for a potential reduction in value, and over 216,000 properties received a reduction. The average reduction for a single family residence was $112,800, or a savings of approximately $1,130. The average reduction for condominiums was $78,500, or a savings of approximately $785.