Riverside County Homeowners Will Lower Property Tax Bills This Year
Half of Riverside County’s homeowners will see their property tax bills shrink this year as the region’s weak housing market continues to weigh down home values, county officials said today.
How much is your property worth? According to officials with the County Assessors office this reduction in property value affects nearly 400,000 people in the Palm Springs area. Homeowners in Palm Springs and surrounding communities should receive a letter this month stating that their home value has dropped. There is positive news here, this means the property tax you pay should also go down.
According to the Assessor-Clerk-Recorder’s Office, the county’s housing roll shed 4.5 percent of its value — about $9.2 billion — in the last 12 months, reflecting the impact of foreclosures and the sour economy.
The drop was far lower than the previous year’s $25 billion plunge — the lowest on record in Riverside County.
Around 316,000 of the county’s 639,000 residences, which include houses, condominiums and mobile homes, were determined to have lost value, the Assessor-Clerk-Recorder’s Office reported.
Properties purchased between 1999 and 2009 were included in the assessment review. Residential units owned prior to that period were excluded because they likely weren’t as seriously impacted by the housing bubble, county officials said.
About 100,000 non-residential properties, including open lots, commercial structures and farm land, were also assessed lower, according to the Assessor-Clerk-Recorder’s Office.
Property tax notices will be sent out in the next several weeks.
According to the Assessor-Clerk-Recorder’s Office, because property tax assessments are adjusted for inflation, some property owners will also benefit from a quarter percent dip in the cost of living last year in California.
Property owners who believe they’re entitled to lower assessments can file assessment appeals between Friday and Nov. 30 with the Clerk of the Board.
More information is available at www.riversideacr.com , or (951) 955-6200.
What does this say about the valley’s housing market?
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