September 13, 2021
The Valuation of Property in the County Increases for the Ninth Consecutive Year
Property values in Riverside County have increased for the ninth consecutive year. The last time property values fell was during the Great Recession, which took place during the late 2000s and early 2010s. Just before the economic downturn in 2008, property values hovered around $240 billion. They eventually bottomed out at $204 billion before coming back up again.
Right now, houses alone in Riverside County make up more than 60 percent of the total property valuation, coming in at approximately $209 billion. The second-largest component is commercial real estate, which makes up just over $60 billion of property values in Riverside County. This represents just under 20 percent of the total property tax valuation.
The Increase in Property Values Will Lead to an Increase in Property Taxes
There are a lot of people who view real estate as an investment, so they are probably going to be happy to hear that their property values are going up. This is a sign that a lot of people would like to live in a local Riverside County, California area. The value of real estate is largely driven by demand, and it is obvious that there is still a lot of demand for property in the local area.
At the same time, this also means that property taxes are going to go up. Property taxes are usually distributed as a percentage of the total valuation of the property. This includes residential and commercial property. If property values are going up, this means that property taxes are going to rise as well. Even if the overall percentages stay the same, the taxes are being levied on more valuable assets.
Homeowners Can Appeal an Assessment if They Desire
New property tax information is going to go out in October. If homeowners are concerned about the increase in property taxes, they do have the right to appeal the assessed valuation of their property. Every homeowner is going to see a slightly different assessment on their property because every property has a different value. Therefore, homeowners should make sure they understand exactly how much money they have to pay and how the value of their property is determined before they decide to move forward. It is clear that Riverside County, California is still a popular place to live.