Building values, breaking records
A potent mix of real estate appreciation and new construction has landed Placer County among the state’s top counties for increases in assessed property value.
The county added $7.4 billion of real estate value in the last year, according to the county assessor. An increase like this has never been seen before in Placer County, Assessor Bruce Dear said.
“It’s an all-time record in terms of the dollar amount increase,” said Dear. “And in modern times it’s a record percentage-wise.”
Dear announced the 16.5 percent growth on the assessment rolls on Friday. The jump nudged the total assessment amount to $52.3 billion for the county. The figure includes all taxable property, including real estate, aircraft and boats.
“I am going to be amazed if that does not lead the state in terms of percentage,” said Dear, who noted that since other assessments have only recently been completed, or are ongoing, he has not stacked up the county’s increase against other counties.
But the all-time record this year follows several years where Placer County has faired well when compared with counties across the state.
“In the last six or seven years, most of those years we’ve led or been second or third in the state in increased value,” said Dear. “We’ve been extremely busy.”
It is the seventh consecutive year that the county’s property tax assessments have increased by double digit percentages.
The unincorporated areas of Placer County, which include the North Shore of Tahoe and the Martis Valley, were up 13.9 percent in value from last year.
Dear said the luxury homes and resort development in the Martis Valley are expected to boost real estate valuation in Placer County in the years to come.
These increases mean more tax revenue for the county, which relies on the income to fund education, criminal justice, health services and other county programs.
But Dear foresees a slackening of the assessment roll increases next year, due to a slowdown in construction this year and rising interest rates.
“So far what we’ve seen is the number of recordings is down and the listing periods for re-sale are longer,” Dear said.
Placer County was led in real estate growth by the City of Lincoln, which recorded an astronomical 36 percent increase in assessed property value.
Notices that show a property’s assessed value will be sent out to business owners and some property owners over the next two weeks, based on certain changes of status that might affect their real estate.
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