San Diego County’s gross assessed value of all taxable property, including residential, commercial and industrial land, has reached $768 billion, which is 5.58% higher, or $40.6 billion greater than last year, according to Jordan Z. Marks, San Diego County Assessor-Recorder-County Clerk (ARCC).

The ARCC office also said the 2024 gross assessed value for the city of La Mesa was $10,716,933,082 for 2024, a 3.51% increase from $ 10,353,489,019 in 2023.

San Diego County’s total assessed property valuation, a record high for the 12th consecutive year, includes 1,017,929 residential parcels, 56,839 business properties, 14,852 boats and 1,576 aircraft. The total for parcels makes San Diego County the fifth largest assessment jurisdiction in the U.S.

Marks said the assessment roll also reflects unprecedented property tax savings of more than $300 million for San Diego homeowners, disabled veterans, small businesses, affordable and homeless housing projects and nonprofit charitable organization.

He also said the assessment roll includes property tax savings of $32.2 million for 460,104 homeowners using the ARCC homeowners’ exemption and a record-high $29.5 million for 17,763 disabled veterans and surviving spouses. Marks also said his ARCC office served more than 500 flood survivors who applied for property tax relief after the January 2024 storm floods.

In addition, Proposition 13 protection applied to 91% or 929,563 properties, limiting the property tax increase to 2%, Marks said, in accordance with California’s 1978 landmark legislation that limits property taxes on property owners while providing a stable and key source of revenue for local governments.

More property tax revenue to support local needs

Marks said the tax roll’s net assessed value for 2024 is $738 billion after deducting $30 billion for taxpayer savings. He said this will result in approximately $7.38 billion, or $384.2 million more than last year, in property tax revenue to support county, city, schools, fire, water, libraries, parks, public safety and other special district services.

Countywide, the largest assessed value in dollar amount was $19.3 billion for the city of San Diego, followed by Carlsbad at $46.4 billion, Chula Vista at $43.1 billion and Oceanside at $34.4 billion. The lowest assessed values were in Imperial Beach and Lemon Grove, both at $3.4 billion.

San Marcos, at $19.2 billion, posted the county’s highest assessed value growth rate at 7.46%. The lowest increase was El Cajon, at $13.5 billion, which rose 3.3%.

Marks added, “My office delivered a record-high $300 million in property tax savings for San Diegans thanks to our proactive efforts, which included our important work helping our neighbors qualify for property tax relief necessary for rebuilding from the devastating 2024 winter storm floods.

“My Assessor team’s award-winning proactive outreach has delivered more housing affordability for San Diegans than ever before, especially record high property tax savings of $29.5 million to help our disabled veterans and their surviving spouses, and more relief for renters and homeless service providers as we work together as a region to find solutions to our housing challenges.

“Thanks to Proposition 13, no homeowner should lose their home due to unaffordable property taxes from the recent skyrocketing home prices. At the same time, governments will receive record high reliable funding for the 12th straight year. The 2024 tax roll shows that San Diego County is the gold standard in fairness, transparency, and putting taxpayers first based on having received a 98.2% positive customer service rating from our customers this past year.

“My extraordinary San Diego Assessor team showed leadership in meeting our commitment to closing the tax roll on time and complete. If we don’t close the tax roll on time, then county services will be interrupted, taxpayers impacted, and we would see a cascading effect that would impact revenues for public safety, schools, libraries, parks, and other key government services.”

CAPTION: San Diego County Assessor Jordan Z. Marks recently certified the 2024 assessment roll in a letter to Andrew Potter, clerk of the County Board of Supervisors. (Foto de cortesía)