Central Valley real estate assessed values continue to rise

Central Valley assessed property values continued to rise in the last fiscal year, with Fresno County’s tax roll increasing for the 12th consecutive year.

The assessment roll is the inventory of all taxable property in each county and provides insight into the real estate market’s health. Property taxes help pay for vital public services such as public education, first responders, public health and more.

For Fresno, Kings and Madera counties, the total combined real estate value was about $202.44 billion.

Fresno County

Fresno County’s 2024 assessment roll — representing the assessed value of non-government-owned property — grew by $6 billion, or 5.53%, over the prior year, to $115.9 billion in total net value.

The roll consists of $110.4 billion in locally assessed properties and $5.5 billion in state-assessed properties.

Fresno County Assessor Paul Dictos said the 5.53% growth does not mean property owners will be subject to a corresponding increase on their annual property tax bills. Nearly nine out of 10 property owners will see only a modest 2% adjustment prescribed by Proposition 13.

Cities with the largest increases in assessed value from the prior year include Orange Cove, 11.19%; Fowler, 10.27%; Firebaugh, 8.73%; Kerman, 8.44%; Mendota, 7.09%; Selma, 6.29%; Reedley, 6.04%; and Clovis, 6.03%.

Tulare County

Tulare County Assessor Tara K. Freitas announced the annual assessment roll of $49.97 billion, an 8.5% increase from last year.

The increase is due to steady sale transactions, new construction projects and continued market value increases in Tulare County’s residential and commercial sectors.

Properties here also should only see an annual property tax bill increase of 2%.

“Our aim is always to ensure property owners receive fair, accurate, and timely valuations and that all qualifying tax-saving exemptions and exclusions are applied,” Freitas said in a news release. “While home prices have risen significantly since 2008, Prop. 13 ensures that long-term property owners won’t experience equivalent increases in their assessments.”

Kings County

Kings County Assessor Kristine Lee announced an assessment roll of $15.7 billion in countywide property values.

This is the largest increase since 2008, with a growth of almost $1.5 billion or 10.45% over the previous year.

Several factors contributed to this year’s increase. According to Lee, there have been fewer transfers of properties, but overall, housing prices have increased by 8% in Kings County. Agricultural properties that received a disaster reduction last year have been added back to the roll and commodity prices continue to bolster Williamson Act assessments throughout the county.

The money generated by this year’s property tax will be distributed with approximately $80 million going to schools, $41 million going to cities, special districts, and redevelopment agencies, and $35 million going to county government to fund safety, fire, libraries, roads, parks and general government.

The year-over-year assessment percentage increases by cities include Avenal at 8.89%, Corcoran at 7.05%, Hanford with 7.81%, Lemoore at 5.92% and Unincorporated Areas at 9.57%.