IE Business Daily Business news for the Inland Empire.
Property value in Riverside County grew six percent during the 2018-2019 fiscal year, county officials announced.
All sectors of the Riverside County real estate market grew during the fiscal year that ended June 30, leaving the taxable value of all property in the county at $302 billion, according to Assessor-County Clerk-Recorder Peter Aldana.
The 2019 tax roll is expected to generate more than $3 billion for local government services. The tax roll consists of all taxable properties, the owners of those properties and their value as of January 1.
This year, Riverside County’s used a new system to calculate its property taxes, a joint project between the assessor, auditor and tax collector. Built by Thomson-Reuters, it replaces a 47-year-old system and is meant to improve communication between departments, increase efficiency and help the assessor’s office better track market conditions.
Most property owners will not see a rise in their property taxes commensurate with the increase in the value of their property, thanks to Prop. 13.
By law, the assessor must list a property at its current market value, or at the lower value under Prop. 13. In Riverside County, most properties are listed at their Prop. 13 value, under which taxes typically increase by no more than two percent a year.
Close to 85 percent of all property in Riverside County is protected under Prop. 13, according to the statement.
