Temecula Property Values Rise While Others Sink

While property values in most of Riverside County continue to fall, Temecula's turned around.

The 2011-12 property tax assessment roll shows Temecula is one of the few cities whose property values improved during the last three years, County Assessor-Clerk-Recorder Larry Ward announced this week.

Ward was scheduled to present the findings to the County Board of Supervisors today.

The total value of property in Riverside County dropped by 1.45 percent for fiscal year 2011-12. That reduction cut the assessment roll by $3 billion, Assessor-Clerk-Recorder Larry Ward said.

The roll closed with a total net taxable value of $205 billion, which is down from $208 billion last year and a big drop from the 2008 peak of nearly $243 billion.

Three other cities joined Temecula in bucking the downward trend.

Perris increased the most in assessed value with a 1.24 percent upswing. Menifee was not far behind with a jump of 1.17 percent, followed by Moreno Valley rising 0.69 percent. Temecula rose 0.24 percent, winning it fourth place. Assessed values in other cities declined.

In unincorporated communities, Palo Verde led the way with a 6.62 percent increase. Desert Center showed a 4.2 percent rise, followed by increases of 0.23 percent in areas outside Temecula and 0.17 percent near Yucaipa. Assessed values were down in other unincorporated communities.

This year, the county reviewed more commercial properties than in previous years, and the value of those properties took the heaviest hit.

This brought the county's average down, according to the Assessor-Clerk-Recorder's Office. 

Residential property values remained even this year, indicating the housing market is stabilizing, Ward said.

Riverside County’s troubled real estate market shaved property values, shrinking the revenue that pays for community services that are so important to county residents, he said.

When real estate values drop, state law allows for temporary assessment reductions based on a property’s value on January 1 of each year.  Ward said his office continues to review individual properties for potential value reductions that can affect property taxes.

Starting July 15, Riverside County property owners will be able to view their 2011-12 roll value online at www.riversideacr.com.  Properties can be searched by address or parcel number. 

Value notice letters will not be mailed this year, but owners without access to the internet may call the Assessor’s office at 951-955-6200 for more information.

Property owners who do not agree with the assessed value of their property may file a free decline-in-value application online. Applications are due by September 1 and are available by clicking here.