Property Values Show Increase

NR# 7-C
Date: February 28, 2002
Customer & Taxpayer Services Division

Property Values Show Increase

John Chiang, Chair, State Board of Equalization, reported today that the total value of state-assessed and county-assessed property rose to $2.5702 trillion for 2001-02; this is an increase of $214.8 billion (9.1 percent) from last year's $2.3554 trillion.

Chiang said the value of county-assessed property grew by $214.5 billion (9.4 percent) to $2.5068 trillion. The value of state-assessed property, mainly privately owned public utilities and railroads, totaled $63.3 billion, an increase of $310 million (0.5 percent) from last year's $63.0 billion.

Percentage increases ranged from a high of 15.5 percent in Santa Clara County to 1.2 percent in Sierra County. Fifteen counties posted growth rates of 10 percent or more. There were 25 counties that recorded increases between 5 and 9.9 percent while the total assessed value in 17 counties grew between 2 and 4.9 percent. One county, Sierra, posted an increase below 2 percent.

Of the five counties with rolls exceeding $100 billion, Santa Clara County led the way with a 15.5 percent increase, followed by Alameda County (10.9 percent), San Diego County (9.6 percent), and Orange County (9.0 percent). Los Angeles County, with the largest assessment roll at $630.4 billion, posted a 6.7 percent increase, up $39.9 billion over 2000-01.

Note: See attached chart for details.