Property Tax Rolls Rise Slightly From Last Year

A rise in assessed property values means more money for local agencies, San Mateo County Assessor Mark Church said today.

Assessed property values for San Mateo County rose 1.12 percent to
more than $142.5 billion for the 2011-2012 fiscal year, marking a return to positive, if "anemic," growth, said Church.

Last year, property assessment rolls dropped for the first time in decades, falling 1.39 percent, or $2 billion, in assessed value. This year's $1.5 billion increase, while small, is a return to positive growth driven largely by an increase in the consumer price index, Church said.

"While the real estate market continues to show signs of weakness,
some areas are showing a slight increase in market value," Church said.

The increase means local agencies in the county will receive more
property tax revenue -- approximately $15 million more, or 1 percent of the total roll value, Church said. The county's share will be around $3.3 million, or 22 percent of $15 million.

The property assessment roll is made up of the secured and unsecured rolls. The secured roll, which makes up 94.4 percent of the total
value, includes commercial and residential real estate. The unsecured roll includes the valuations of business/personal property.

Growth in this year's property assessment roll was driven in part
by inflation based on the California Consumer Price Index, Church said.

The real estate market remained sluggish, according to Church.
Nearly 40,000 residential properties and 612 commercial properties were reviewed to determine if they were eligible for property tax relief due to a drop in market value. Of those, nearly 35,000 residential properties and 546 commercial properties qualified for relief.

While business property values declined, aviation and concession possessory interest value at San Francisco International Airport grew by $192 million, driving a 2.48 percent increase in the unsecured roll.