The good news is that property values are on the rise. Most analytics show that property values in San Diego have increased nearly 17% county wide. As with many other niche markets in San Diego, the Downtown San Diego condo market felt some of the impact of the National Real Estate Downturn that lasted from late 2008 unit 2010. During that time, many Downtown San Diego Condos values were “re-assessed” temporarily to reflect the current “market values”. If you were like many condo owners downtown, you could have seen your yearly property tax bill decrease by as much as 30%.
For most Downtown San Diego condo owners they are excited and pleased to see values returning to a “pre-recession” level. As values have increased year over year since that time, it was only a matter of time for the values to catch up with the San Diego Tax Collector. Now that the values of Downtown condos have returned…so to can the property tax assessments. A new article in the Union Tribune entitled Property Tax Bills Could Jump for Many, explores some of the issue surrounding the increase.
Quick Facts To Consider:
-Property Taxes are a major source of financial revenue for the City of San Diego. Property taxes help support: counties, schools, cities, and community colleges.
-During the real estate downturn, Proposition 8 required: “The County assessor must reduce the assessments and adjust them annually depending on the Market Conditions”
-Statewide more than 3.2 million owners received the benefits of Proposition 8
-200,000 plus San Diegans could see a property tax bill increase between 10% and 20%.
-Final numbers of current property value assessments will be completed by June, and Downtown condo owners notified accordingly. ')}