According to San Diego County assessor/clerk/recorder David L. Butler, the assessed value of all taxable property in the county has dropped to a 25-year low -- an overall decrease of 2.3 percent from the previous year -- to $399.9 billion.
The drop in property value was derived from assessments conducted on 978,011 parcels, 159,586 businesses, 77,881 boats, 23,109 manufactured homes, 5247 aircraft, and home appraisals of more than 79,500 properties.
Out of the 225,000 properties reviewed for a potential reduction in value, over 216,000 properties received a reduction from county assessors.
“The average reduction for a single-family residence was $112,800, or a savings of approximately $1,130,” read the June 30 press release. “The average reduction for condominiums was $78,500, or a savings of approximately $785.”
The decrease is blamed on a slowdown in commercial activity and a decline in residential acquisitions and development.
According to the data, the cities most impacted were Chula Vista, with a 10.4 percent reduction, Lemon Grove, with a 9.4 percent decrease, and Escondido, with a 6.7 percent reduction in total assessment values.
Throughout the county, five cities recorded increases in property assessments. Those cities were Del Mar, Coronado, Solana Beach, Poway, and Encinitas.
Property owners who have had their assessments reduced will receive notice in the mail by mid-July 2009, informing them of the new assessed value.
Ending the press release, Butler reminded property owners that if they disagree with their assessed values, they can file an appeal between July 2 and November 30, 2009.