Data Show Stability in Real Estate, Assessor Says
In a sign that Orange County’s sluggish real estate market is gradually improving, the dollar value of residential and business properties in Orange County rose nearly 3% over the last year, according to tax roll data released Thursday.
“Things are looking better than they have in four or five years,” said county Assessor Bradley L. Jacobs. “But we should not confuse this with some wonderful boom. What we are seeing is some stability.”
The $178-billion property tax roll is $4.6 billion larger than it was last year, and marks the most robust growth in values since 1992. Jacobs attributed the jump to homes being sold at prices higher than their assessed values and, to a lesser degree, new construction.
The 2.71% increase this year compares with 0.46% growth in 1996, when the increase in assessed values was actually lower than the rate of inflation, as measured by the consumer price index. Tax roll values declined in 1994 and 1995.
Only three of Orange County’s 31 cities--Stanton, La Habra and Fountain Valley--saw declines in their assessed values, compared with 11 last year. Huntington Beach saw its total property values jump a healthy 5.4%, while San Juan Capistrano and Laguna Beach registered increases of more than 4% each.
The data are the latest indication that the real estate market is continuing to build steam. Home prices have risen steadily over the last few months, and real estate agents said May was one of the best sales months in six years.
Despite the improving numbers, Jacobs stressed that relatively few properties have actually seen their values rise.
Of the 365,000 parcels the assessor’s office reviewed, 95% of them showed no change in value or slight decreases. The remaining 5% recorded higher values, but Jacobs said most of those properties had charted declines in value for several previous years.
“This is the first time the market has shown even a small or scattered restoration,” the assessor said. “But in many cases, there are not appreciations [in value] but slight reversals after long depreciations.”
Compared to last year, property ownership changes rose by 7.2% while new housing construction dropped 11%.
Anaheim remained the top city in terms of property value, at $16.4 billion. Irvine was second with $15.6 billion and Huntington Beach was third with $12.9 billion.
Property owners should have received their property valuation notices. Those who disagree with the value assigned to their parcel have until Sept. 15 to lodge a protest.
With the real estate downturn, thousands of residents have demanded assessment appeal hearings over the last few years, creating hefty backlogs.
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Property Values Up
After three years of declining or stagnant values, the total price tag for Orange County properties increased nearly 3%. Three of the county’s 31 cities did, however, suffer declines in total assessed property value. Here is the trend in total value of Orange County assessment rolls and a city-by-city look at the 1997-98 assessment and the one-year change, all data rounded with dollar values in millions:
Total County Trend
1993-94: $174,503
1994-95: 172,545
1995-96: 172,508
1996-97: 173,309
1997-98: 178,004
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1997-98 Assessments
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City Total value % Change Anaheim $16,402 2.7 Brea 3,370 2.8 Buena Park 3,686 0.6 Costa Mesa 6,992 2.8 Cypress 2,787 1.9 Dana Point 3,576 0.8 Fountain Valley 3,410 -0.3 Fullerton 6,668 1.7 Garden Grove 5,781 1.0 Huntington Beach 12,975 5.4 Irvine 15,614 3.1 Laguna Beach 3,512 4.4 Laguna Hills 2,833 2.5 Laguna Niguel 5,542 2.4 La Habra 2,292 -1.8 Lake Forest 3,417 1.7 La Palma 890 2.6 Los Alamitos 820 1.7 Mission Viejo 6,479 3.0 Newport Beach 12,621 3.5 Orange 7,798 2.4 Placentia 2,208 2.9 San Clemente 3,968 2.3 San Juan Capistrano 2,484 4.5 Santa Ana 10,344 1.1 Seal Beach 1,803 1.1 Stanton 992 -3.5 Tustin 3,752 1.3 Villa Park 663 2.8 Westminster 3,299 0.7 Yorba Linda 4,588 2.8 Unincorporated areas 16,437 5.3 County total $178,005 2.7
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Source: Orange County assessor
