Property values throughout Riverside County rose nearly 10% last year to $369.61 billion, with houses and commercial structures making up the largest share of the valuation, according to a report released Wednesday by the Assessor-Clerk-Recorder’s Office.
“With such an active and appreciating real estate market this past year, our roll reflects the market conditions for property owners in Riverside County,” Assessor-Clerk-Recorder Peter Aldana said. “As values go up, the tax base grows, which helps keep our county financially strong.”
The county’s property tax assessment roll for the most recent base year, valued as of Jan. 1, was 9.26% higher than in 2021, when the roll totaled $338.28 billion, according to the Assessor-Clerk-Recorder’s Office.
The assessment roll represents the composite value of all commercial and residential real estate within the county, as well as other property, including boats, aircraft and timeshares.
Aldana said that property tax receipts this year are expected to total about $3.5 billion.
The roll has increased for the last 10 consecutive years. During the Great Recession, $38 billion in value was lost, with assessments bottoming out at $204.8 billion in tax year 2012, according to the assessor’s report.
The roll was valued at $242.9 billion in 2008, before the deflationary cycle triggered by the economic downturn.
According to Aldana, the year-to-year percentage increase in the current roll is the largest since 2007, when valuations jumped 16% amid the mortgage asset bubble.
In the most recent assessment, residences and commercial structures represented $255 billion, or 70%, of the roll.
Aggregate property values increased by the widest margin, in percentage terms, in the unincorporated part of Moreno Valley, where net taxable valuations totaled $2 billion, compared to $1.53 billion the year before — translating to a 32% jump.
Among municipalities, Banning showed the strongest percentage growth at 17%. The city’s net taxable valuations totaled $2.96 billion, compared to $2.53 billion during the prior base year calculation.
The city of Riverside had the highest local roll value — $39.95 billion – – of all the cities and unincorporated communities listed.
According to the assessor’s office, property tax bills for the current tax year will start going out in October. Aldana noted that almost 85% of residences countywide are under Proposition 13 tax mitigation protection, meaning that regardless of the inflation rate, taxes can only go up on an additional 2% of tax increment.
Homeowners have the right to appeal any increased assessment. More information is available at the Assessor-Clerk-Recorder’s website: ca-riverside-acr.publicaccessnow.com/Home.aspx.