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|May 22, 2018|
Rising property values out-pace taxes
RIVERSIDE – (INT) – Some Riverside County property owners may want to brace for sticker shock when property tax bills for the current fiscal year are issued this fall.
The assessed value of homes that were reduced during the Great Recession is being added back. As a property’s market value recovers, the assessor must restore previous reductions.
For homes that were not subject to reductions, property-taxes can increase by no more than 2 percent annually under Proposition 13.
There is some good news for property owners. Property values in all sectors of the Inland Empire have rebounded steadily over the last few years. The median sales price of a Riverside County home is approaching $350,000.
“Property owners build equity, and local government will have the needed funds for the educational, recreational and safety services that make Riverside County a great place to live and work,” Assessor-County Clerk-Recorder Peter said.
Story Date: July 21, 2017