Land in San Diego has never been worth so much.

San Diego County’s assessed value of all taxable property — including residential, commercial and industrial land — is now $727.48 billion, the Assessor’s Office said. It represents an increase of 7.1 percent from last year and its highest in history.

Even a slowdown in home price growth at the end of last year could not stop the steady rise of land values across San Diego County. For more than 30 years — despite decreases for three years in the Great Recession — the value of land has been on an almost immovable climb.

“Governments will receive record high reliable funding for the eleventh straight year to deliver key services like schools and first responders,” said San Diego County Assessor Jordan Marks.

Residential properties make up the vast majority of taxable land in the county with 1,013,632 parcels. It is followed by 55,888 business properties, 14,476 boats and 1,534 aircraft.

In terms of specific areas, the city of San Diego had the highest assessed land at $349.8 billion. It was followed by Carlsbad at $44.2 billion, Chula Vista at $40.6 billion and Oceanside at $32.5 billion. The lowest assessed values were in Imperial Beach and Lemon Grove, both at $3.2 billion.

Last year’s 7.1 percent rise in assessed value is nowhere near the jump seen in 2005, at the height of the housing boom, when it increased 13.3 percent. The Great Recession caused property values to drop 2.31 percent in 2009, 1.56 percent in 2010 and 0.14 percent in 2012. Part of the reason for lowered valuation, besides homes selling for less money was Proposition 8, which allowed California assessors to reduce the assessed value of properties if market values dropped significantly.

Prop. 8 was used again last year to lower bills. The Assessor’s Office also reduced tax bills for 18,397 homeowners, saving $14.1 million in property taxes, when calculating downturns in the housing market. The valuation date is set at Jan. 1 each year, so it does not yet reflect the recent rise in home prices.

Marks credited Proposition 13 as a reason for steady increases, which caps increases up to 2 percent annually based on the purchase price at the time of the sale.

The county’s valuation might have been more than $300 million higher but the office’s outreach programs lowered bills for welfare institutions, like churches, museums, and nonprofits, as well as programs for disabled veterans.

Source: SDuniontribune by Phillip Molnar