IE Business Daily Business news for the Inland Empire.
Assessed property values in Riverside County were up 9.2 percent at the start of this year, the highest increase since the 16 percent spike recorded at the beginning of 2007, according to a statement on the county’s website.
That increase, of $31 billion to a total of $369 billion, is the result of the strong demand for real estate in the Inland Empire and all of California, according to Peter Aldana, the county’s assessor-county clerk-recorder.
“With such an active and appreciating real estate market this past year, our roll reflects the market conditions for property owners in Riverside County,” Aldana said in the statement. “As values go up, the tax base grows, which helps keep our county financially strong.”
This year’s tax roll is expected to generate about $3.5 billion for local government services this year. The tax roll is made up of all taxable properties, its owners and the properties’ worth as of Jan.1, according to the statement.
