Property values throughout Riverside County rose 7% last year to $432.97 billion, with houses and commercial structures making up the largest share of the valuation, according to a report submitted to the county board of supervisors for public review later this month.
They rose by about the same amount in the Coachella Valley's nine cities.
The county's property tax assessment roll for the most recent base year, valued as of Jan. 1, was $28.73 billion more than in 2023, when it totaled $404.23 billion, according to the Assessor-Clerk-Recorder's Office.
“Fair and accurate property assessments ensure that schools are adequately funded, public safety and law enforcement services are well-supported and other county services, such as infrastructure and public health are maintained,” Assessor-Clerk-Recorder Peter Aldana said in a statement. ``This contributes to the overall quality of life for all residents.''
He characterized the county's real estate market as “dynamic,” experiencing “substantial growth … over the past few years.”
Inflationary pressures, attributable in part to limited available housing inventory, have factored into the property tax expansion throughout the region and elsewhere, according to economists.
According to the California Association of Realtors, the median home price countywide is $650,000, compared to $629,000 a year ago.
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.
The roll has increased for the last 12 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. In the most recent assessment, residences, including apartments and condominiums, and commercial structures represented $391 billion, or 84%, of the roll.
Aggregate property values increased by the widest margin, in percentage terms, in Desert Center, where net taxable valuations totaled $484.7 million, compared to $334 million the year before — translating to a 45% jump. Among municipalities, Beaumont showed the strongest percentage growth at 15.62%. The city's net taxable valuations totaled $9.32 billion, compared to $8 billion during the prior base year calculation.
As with every year, the city of Riverside had the highest local roll — $45.27 billion — of all the cities and unincorporated communities listed. With about 318,000 people, it has
In the Coachella Valley, Palm Desert boasted the biggest aggregate assessment at $20.68 billion.
According to the assessor's office, property tax bills for the current tax year will start going out in October. Officials 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 Clerk of the Board's website: aao.countyofriverside.us.
Coachella Valley property values
Here's the taxable value of all property in each valley city, along with how much it rose from the prior year.
- Palm Desert: $20,439,824,583 (up 6.28%)
- La Quinta $19,691,178,134 (up 8.4%)
- Palm Springs: $19,953,199,842 (up 6.90%)
- Indio: $12,564,309,714 (up 6.75%)
- Rancho Mirage: $12,238,363,654 (up 5.9%)
- Indian Wells: $8,061,812,902 (up 6.59%)
- Cathedral City: $6,686,615,244 (up 6.41%)
- Desert Hot Springs: $3,147,822,430 (up 7.67%)
- Coachella: $2,905,299,790 (up 8.7%)
Most Popular
Comments / 0