Sneak Peak Shows 3% Rise in Property Values in State
Assessed property values climbed an average of 3% in California in the latest fiscal year, but jumped 6% in Orange County and a whopping 10% in Santa Clara County, the heart of Silicon Valley.
San Francisco’s property values increased 9.1%, the second-most among the 58 California counties. “These are good times,” City Assessor Doris Ward said. “San Francisco has a positive outlook.”
The assessment increases mean higher property tax revenue, and for people trying to sell homes, it shows the market is strong. But it also means higher costs for homeowners on fixed incomes and people trying to buy a home.
Ward said there was a 3% rise in Los Angeles County’s assessed values and 7% in San Diego County’s values.
Ward’s assistant, Vern Walton, said he got the numbers from a colleague at the State Board of Equalization in Sacramento. The board wouldn’t release statewide numbers on Wednesday, saying a comprehensive report is being prepared for release next month.
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