San Diego’s Tax-Assessed Property Value Reaches a Record High

San Diego County’s tax-assessed property value has reached a record high of $768 billion in 2024, $40.6 billion higher than last year, said San Diego County Assessor Jordan Marks this week.

The 2024 figure “reflected unprecedented property tax savings” of over $300 million for homeowners, charitable groups, disabled veterans, small businesses and affordable and homeless housing projects, Marks said in a statement.

Marks added that figure also applies to more than 500 residents affected by the severe winter storms in late January.

“This is the 12th straight year the San Diego County Assessor’s Office has delivered record-high revenue for key government services and record-high property tax savings making San Diego more affordable to live and thrive,” the statement said.

According to the Assessor’s Office:

— with 1,017,929 parcels, San Diego County is the fifth-largest assessment jurisdiction in the United States;

— the county saw $32.2 million in property tax savings for 460,104 homeowners using the homeowners’ exemption;

— the highest assessed value growth rate was 7.46% in the city of San Marcos, while the lowest-assessed rate was 3.33% in the city of El Cajon;

— the county saw $29.5 million property tax savings for 17,763 disabled veterans/surviving spouses;

— the largest assessed value increase was $19.3 billion; and

— Proposition 13 protection applied to 91% (or 929,563 properties), limiting the property tax increase to 2%.

Marks also credited department employees for their leadership in closing the tax roll on time.

“If we don’t close the tax roll on time, then county services will be interrupted, taxpayers impacted, and we would see a cascading effect that would impact revenues for public safety, schools, libraries, parks and other key government services,” he said.

City News Service contributed to this report.