County Property Values Rise by $5 Billion

Ventura County’s property tax roll climbed 8% this fiscal year, reflecting a still red-hot real estate market and a vibrant local economy, Assessor Dan Goodwin said Tuesday.

Total assessed value of properties in the county reached $65.7 billion for fiscal 2002, ending June 30, a nearly $5-billion gain over the previous fiscal year, he said. The roll exempts schools, hospitals, churches and government-owned buildings.

Goodwin attributed the increase to such factors as construction, brisk home sales, high employment and an increasingly valuable real estate market.

“The housing appreciation cycle is continuing strong. And all indications are it will continue that trend this year,” he said.

The assessed value of property has increased about $5 billion annually the past three years. The biggest percentage rise occurred in 2000, when assessments grew 10%.

Santa Barbara economist Mark Schniepp, director of California Economic Forecast, said rising home prices and record sales are powering the growth.

The price of a typical Ventura County home jumped $49,000 in May over the same month last year, pushing the median cost to $322,000. A record 1,661 homes and condominiums were bought last month.

“The peak was two years ago in terms of the economy, but the real estate market has not peaked yet,” Schniepp said.

“The sales rate for the first five months of the year is running at an all-time high. If that pace stays, 2002 will be an all-time record high for sales. And prices are already at an all-time high.”

The largest slice of property tax revenue--55%--is funneled to public schools. About 18% goes to the general fund to provide health care, public safety and other services. Special districts and some cities receive the remainder.