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San Diego County property assessment sets records for 11th straight year

housing home chula vista
Posted at 10:00 AM, Aug 02, 2023
and last updated 2023-08-02 13:00:07-04

SAN DIEGO (CNS) - The assessed value for all taxable property in the county increased by 7.12% over last year, raising the total to $727.48 billion, the San Diego County assessor announced Wednesday.

This increase represents $48.3 billion and sets a record. The 2023 assessment reflected property tax savings of more than $275 million -- another record.

"Thanks to Prop 13, no homeowner should lose their home due to unaffordable property taxes from the recent skyrocketing home prices," County Assessor Jordan Marks said. "At the same time, governments will receive record high reliable funding for the eleventh straight year to deliver key services like schools and first responders."

As he alluded to, 2023 marks the 11th consecutive year for record- setting revenue. The roll consisted of 1,013,632 real estate parcels, 55,888 business personal property accounts, 14,476 boats and 1,534 aircraft.

According to the assessor's office, the roll's total net assessed value is $699.5 billion after deducting $26.19 billion for tax reduction -- resulting in more than $275 million in "property tax savings for homeowners, disabled veterans, small businesses, and charitable organizations."

"The 2023 tax roll shows that San Diego County is the gold standard in fairness, transparency, and putting taxpayers first based on a nearly 100% accuracy rating in our assessment practices from a State of California audit and 98.2% positive customer service rating," Marks said.

Proposition 13 impacted 91% or 923,068 San Diego properties by limiting property taxes to a 2% assessed value increase. The tax roll will result in around $7 billion in property tax revenue or 1% of net assessed value of $699.5 billion, to support county, city, school, fire, water and other special district services, Marks said.

Some highlights from the 2023 roll include:

  • The assessor qualified a record 15,469 disabled veterans and/or surviving spouses, totaling a record $24.4 million in savings for San Diego County veterans and their families;
  • Escondido realized the highest assessed value growth rate at 8.87%, while Del Mar was lowest at 6.2%;
  • San Diego saw the largest value increase, adding $23.7 billion to property values.

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