Orange County’s taxable property values fell $5.2 billion, the first time in 14 years that the county’s “tax roll” has declined, the Orange County Assessor’s Office reported.
- The collective assessed value of all homes, buildings and personal property like boats and planes in the county was $418.8 billion for the 2009-10 tax year, the assessor said.
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Year Tax roll Chg. 1993 $174.5 billion 0.53% 1994 $172.5 billion -1.12% 1995 $172.5 billion -0.02% 1996 $173.3 billion 0.46% 1997 $178.0 billion 2.71% 1998 $188.2 billion 5.74% 1999 $204.6 billion 8.72% 2000 $224.4 billion 9.64% 2001 $245.1 billion 9.26% 2002 $265.8 billion 8.43% 2003 $283.9 billion 6.82% 2004 $308.7 billion 8.71% 2005 $339.2 billion 9.90% 2006 $377.3 billion 11.21% 2007 $408.7 billion 8.34% 2008 $424.0 billion 3.74% 2009 $418.8 billion -1.23% - That’s down 1.2% from last year’s taxable value of $424 billion. The county’s tax roll has climbed steadily since 1995, the last time taxable values here fell, the assessor said.
- It’s just the third time since 1975 that property values here have fallen. It’s also the biggest decrease in that 34-year period.
Since property values are used to determine taxes paid next fall and spring, the decrease will further reduce tax dollars supporting already beleaguered local and state budgets. The impact on government coffers will be dulled slightly by Prop. 13. The 1978 tax-reform measure restricted tax hikes in good times, but also allows taxes to continue rising in hard times on longer-held properties.
Nearly 203,000 of the county’s 897,500 parcels of land will see their taxes drop or remain unchanged next year, the assessor’s office reported. The majority of home and building owners getting tax breaks bought their properties from 2002 through 2008. The remaining 700,000 parcels, however, will see taxes go up.
Taxable values also are down in 25 of the county’s 34 cities.
- Santa Ana will see the biggest drops: taxable values there are down 6.3%, according to the assessor.
- Four other cities will experience cuts greater than 3%: Stanton, down 5.8%; Tustin, down 4.4%; Rancho Santa Margarita, down 4.1%; and La Habra, down 3.5%.
- Of the nine cities that saw taxable values go up, Laguna Beach had the biggest increase: up 4%. Three others experienced gains greater than 1%: Newport Beach, up 2%; Fountain Valley, up 1.5%; and La Palma, up 1.3%.
Related news …
- 179,000 O.C. homes won’t see taxes go up
- O.C. property tax values face 1st drop in 14 years
- Requests for property tax reviews up 160%
- Site identifies properties getting tax reviews
- Placentia called hotbed of inflated home assessments
- Assessor warns of dubious help to cut property taxes
- Property tax cut? You already had it!
I know that I was happy to get my tax notice this year for the first time in seven years. Most of my neighbors are relieved to get a little break from their taxes too.
with home values dropping like stones, it is no surprise that the county is lowering property taxes
Ha!, not buying it. The market is on fire, prices are on the rise..ie: recently In Garden Grove, 135 shoppers made bids for one home!
It’s like magic
Sounds like a poor job done by the Realtor…… or he just lies !
Garbage Grove..knock yourselves out
It’s like magic…or maybe a just sensibly (or underpriced) home?
Yup, dropped, and they still have a long way to go.
he he
A lot of us still get the 2% increase as we purchased our houses years ago with the intent to live in them, not use them to game a quick profit flipping or as an ATM.
The right thing would be for our county to stack and rack EVERY paid position with benefits weighed and eliminate jobs JUST LIKE A REAL COMPANY. After all, a lot of their spending was done with intent of riding on the backs of those who paid a whole lot more for their houses than those who have followed conservative economic thinking and not with the idea of spending more than we have……… and thinking flipping houses would be anything than a pyramid scheme, and we all know what those do to people, particularly the greedy ones…
The moron bureacrats can’t manage these billions in taxable revenue. The year there is a drop, all hell breaks out. Look at the steady climb over the years, has government really kept pace with the same amount of services? No, where has the money gone? and this is just Orange County!!
Yes, RE is the best investment out there right now! The lower taxes alone make it a great time to buy! Better do it before you are priced out forever.
Hey Einstein, since taxes are based on value, when they go down = value goes down = not “the best investment”.
Glad I could clear that up for you.
Hey Dummy Bogey–RE is now going up and will continue to do so at far greater than the tax rate increase. People not buying now are fools.
I bet you don’t put your money where your mouth is.
Just received the notice that my taxes are reduced this year. I’ve been waiting for this I must admit. From the first 2 years after I moved in and the houses (TOWNHOUSES!) were selling for upwards of $650-$700k? Ridiculous. Made the tax man think they could charge me the same as a 3500 sf house on the hill above.
I’m just happy I didn’t have to fill out any paperwork to get the request taken care of- Guilleroy actually took the liberty to get it taken care of.
Billions and they still can’t pay the bills huh? BS.
Tried to pay my taxes July 1st. But the Tax Collector wasn’t accepting payment! In a downturn economy the bureacrats need to work with taxpayers, no ability to pay online after arbitrary cut off date, when a citizen wants to pay there should be a system to give them their final bill if they look it up online (yes on July 1, this system was disabled). Not taxpayer friendly for those of us trying to work with the system.
That would be a 1.23% decrease after cumulative increases amounting to 225% beginning with 1999 through 2008. Of course those are nominal but even adjusting for inflation and population growth, I’m sure they represent a substantial real increase. Why not provide perspective?
Thank You GREEDY Californian home buyers for destroying the worlds economy.
Ahhhhhh, relief. Mine down 18.4% this year. Down 14% last year. Course, I have no equity, either…ha.
Strange… County gave me a “break” by increasing it 0%. Lame, have to appeal because it’s actually taken about about a 20% hit and is now about 10% below what the County says it’s worth.
I just want to know how we are bankrupt after the government essentially had a 10% increase year over year for the last several years.
Spending must have kept up with income.
Wow. Our government is so corrupt it staggers me.
You and I agree here.