Property Tax Roles Rise 5.4%
Orange County Assessor Claude Parrish has delivered the 2016-17 Local Assessment Roll of Values last month, which includes all locally assessable property in Orange County.
The total net taxable value on the roll is over $526.1 billion and the value is up 5.44% or $27.1 billion more than last year, Parrish says in a statement. It reflects taxable property values as of Jan. 1.
Each of Orange County’s 34 cities and the unincorporated areas had a year- to-year increase in net taxable value. Value changes are reflecting the Orange County real estate markets that show continued appreciation in property values this year and the restoration of values previously reduced under Proposition 8’s decline in market value provisions.
Lake Forest has the highest value increase by percentage (8.11%) this year, followed by Irvine (8.10%) and Brea (7.06%). Irvine is firmly the county’s number one city with the highest total assessed value of $65.9 billion, Parrish said. Newport Beach is second with a value of $50.5 billion, and Anaheim has the county’s third highest total assessed value of $41.4 billion.
Under Prop. 13 guidelines, the Consumer Price Index increase that will apply to many properties this year is 1.525%, compared with the 1.998% in the previous year, says the announcement. Prop. 13 continues to provide taxpayers with taxable value protection even as home values are recovering.
The roll includes 1.1 million units of property excluding exempt properties such as schools, hospitals and churches. The secured roll includes 937,630 parcels and has a total value of $505.7 billion, an increase of $26.5 billion or 5.53% more than last year. The unsecured roll consists primarily of business personal property, boat and aircraft assessments. Its value of $20.4 billion had an increase of 3.08% from 2015. The role consists of 121,665 assessments, including approximately 95,549 businesses, 25,307 boats and 809 aircraft.
Overall, new construction is up, real estate sales are stable and market values continue to move up, all helped to add value to the roll, Parrish said. Many properties that had a Prop. 8 taxable value decrease in prior years will see their taxable value increase back up to their Prop. 13 limit based on market conditions.
Parrish has again extended the assessment appeals filing deadline to Nov. 30. Property owners who disagree with the property value on the value notice or the tax bill may contact the Assessor Department at (714) 834-2727.
Property owners can also get assistance from the Taxpayer’s Advocate Office with property valuation and other issues. Information on contacting the Taxpayer Advocate’s Office may be found at: http://www.ocgov.com/assessor.