The housing rebound in the Golden State has spread beyond double-digit sales price increases to the assessed values of property overall across the state. California’s property values, commercial and residential, rose for the third year in a row, to $4.64 trillion, up 4.3 percent from the previous year, according to a state agency.
Of 58 counties in California, 51 posted year-over-year jumps in assessed value, most above 2 percent. On a county-by-county basis, Santa Clara County saw the biggest increase, 8.3 percent, leading a 5.5 percent increase in property values for the nine-county San Francisco Bay Area region. The agency attributed Santa Clara County’s value rise mainly to changes in ownership and new construction.
California’s 43 inland counties saw a slightly higher increase in property values, 4.6 percent, than the state’s 15 coastal counties, which account for more than 60 percent of the total valuation of property across the state.
Property tax bills are set to go out sometime during the fall.
Source: California Board of Equalization