When Orange County homeowners hear that the property tax base is rising, that may sound a bit unsettling at first, but when it’s factored in that this is occurring because of how much more home’s are worth this year, the trend makes sense. What’s more, a higher property tax base means billions of California tax dollars that can stimulate the local economy and help support local education, as well as parks and police and firefighting squads.
A recent report from the Orange County Assessor’s Office saw a $14.4 billion increase in the state’s tax roll, making the net taxable property value amount in California $442.8 billion. This is an all-time high, and has every bit to do with how amazing the Orange County real estate market has been performing over the last year. “Resales, new construction and new development are on the upswing in both activity and price levels,” the assessor’s office stated. “Real estate markets … are showing significant increased activity over prior years.”
The assessor’s office also noted that for the first time in the last six years, each one of the 34 cities in Orange County saw a gain in its taxable values. Furthermore, real estate analytics company CoreLogic saw Orange County home prices increasing by 9 percent in 2012, which means that despite higher homeowner taxes this year, Orange County homeowners will also have a much more lucrative asset if they decide to put their home on the market. And with the dearth of available inventory recently, such a move could net massive profits to property owners who bought while the market was down.
The large majority of the $442.8 billion in taxable property values came from more than 900,000 parcels—both commercial and residential—with these parcels making up about 96 percent of that monetary figure. And with a jump of 3.4 percent year-over-year from 2012 to 2013, this is the largest gain the Orange County tax base has seen in five years.
Are you looking for a beautiful Orange County home to call your own? I’ve helped countless homebuyers find their ideal Orange County home, and I’d love to assist you in your home buying quest. Please contact me with any Orange County real estate questions.
