SLO County property values reach all-time high
July 17, 2014
The total assessed property value in San Luis Obispo County has reached an all-time high of $43.6 billion. [Tribune]
County property values are up 5.81 percent from 2013. The increases in home equity means property taxes will also increase for many homeowners.
The county assessor’s office will collect $436 million in property taxes this year. Property taxes amount to 1 percent of assessed values.
A majority of the revenue raised from property taxes goes to local school districts. The school districts receive 62 percent of the property taxes, while the county general fund gets nearly 25 percent of the revenue.
Property values previously peaked in 2006, then dipped sharply during the following recession. During that time, the assessor’s office reduced assessment values in the county by a cumulative total of $5.1 billion.
Assessment value have increased, though, for the past few year as the real estate market has picked up.
Proposition 13, passed by California voters in 1978, limits yearly property tax increases to 2 percent hikes in most circumstances.