O.C. Property Value Rises Just 5%

Despite a flat real estate market brought about by the recession, the overall net property value in Orange County has increased $8.17 billion, or nearly 5%, from last year, according to an annual report released Monday by the county assessor’s office.

That increase, however, is the lowest in 10 years and reflects a dismal picture of a once-booming market.

“New construction of housing tracts was down . . . (and) the number of commercial/industrial new building events was very, very low compared to prior years,” said County Assessor Bradley L. Jacobs in the 1992-93 Local Assessment Roll report.

This year’s 4.94% increase is noticeably less than the average yearly property value increase of 10.29%, according to the report.

This year’s property tax roll shows that county taxable property totaled more than $173 billion this fiscal year, up 4.94% from last year’s $165-billion value. That number is lower than the 7.45% value increase of 1991 and 11.6% of 1990, according to the assessor’s office report. Ten years ago, the value increase of the county’s taxable properties was 14.6%.

The report also shows there are 724,166 private parcels and 146,952 business assessments in the county, all of which are taxable. The number of business properties decreased 7% from last year, according to the assessor’s office report.

Jacobs said more than 700,000 property owners will soon receive value notices from the assessor’s office which show the values placed on their properties for next year. Many will also get a tax bill later this year because of new construction and purchases, he said.

Jacobs advises taxpayers who believe the value notices are inaccurate to notify the assessor’s office immediately. Once the tax bill is received, it will be too late to protest a purported overcharge, he said.