The taxable value of Orange County’s commercial, industrial and apartment properties fell about $2.1 billion in the 2009-10 tax year, county Assessor Webster Guillory said.
The Assessor’s Office reported that 1,798 non-residential properties in the county either saw their tax assessments lowered or unchanged from last year. Those tax assessments are the basis for determining property taxes for each parcel.
Apartment buildings accounted for 908 of those properties avoiding a tax hike. Guillory said the taxable value of those buildings was reduced by about $300 million.
In addition, assessments were lowered or remained unchanged for 890 commercial and industrial buildings, he said. The collective reduction in taxable values for those structures was about $1.8 billion.
That compares to 179,452 residential properties that either saw taxable values reduced or unchanged.
Assessor: Taxes can rise when home values fall
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179K OC residences will get a property tax break this year. The question is, what will they do with the extra money–go spend it on the next XBOX model or pay down their mortgage principal. My guess is the former :)
The tax break will cover their cut in salary.
RE: “179K OC residences will get a property tax break this year.”
Yeah man! Green, as in green shoots! I got to read the original quote again just to get amped up again:
“That compares to 179,452 residential properties that either saw taxable values reduced or unchanged.”
Oh wait, that includes ‘unchanged’ . . . . never mind .. .. no XBOX for them . . . no med insurance or groceries actually for them either. The ATM is broken . … fear stage emerging.
A while ago we were acknowledging that prices had settled at fall of 2003. Have we reached general consensus that they are now spring 2002?
One of the more interesting dialogs I’ve seen recently was this Bloomberg show with Roubini and Shiller.
Roubini . . . . I like across the board.
Shiller . . .. seems like he is SO afraid of the (fearfully negative psychological) flip side of the housing bubble as it winds down, that he feels obligated to sugar coat EVERTHING with a broom-sized brush … talking sideways the whole time. (Or maybe he’s just thinking/talking politically .. . hoping to get into a position of influence by kissing BO’s hemline at every opportunity.)
http://www.rgemonitor.com/roubini-monitor/257264/roubini_on_a_bloomberg_panel_recession_will_last_another_six_months_and_the_recovery_will_be_shallow
Taxes and Fees are every where in Orange County. What have they done with our tax money? It never seems enough.