|
June 27, 2002
CONTACT: GREGORY J. SMITH AT (619) 531-5507
2002 PROPERTY VALUE ASSESSMENT INCREASES BY $19 BILLION
County Assessor/Recorder/Clerk Gregory J. Smith announced
today that the assessed value of all locally assessed taxable property
in San Diego County has increased to over $232 billion, up $19 billion
over the previous year.Ê This is a 8.71 percent increase in total
assessed value.ÊÊ This includes the values of over 884,740 parcels
of real property, 32,200 boats, 18,178 mobile homes, and 6,341 aircraft.Ê
(see attached breakdown of assessed value increases by cities.)
The highest priced property that transferred this year was an office
complex known as the San Diego Tech Center that sold for $130 million.
Two additional office complexes also were purchased, Torrey Pines Science
Park for $70.8 million and Regents Square I & II for $62.6 million.Ê
Two well known landmark properties that sold this year were the La Costa
Resort and Spa for $116 million and the US Grant HotelÊ in downtown San
Diego forÊ $58.7 million.Ê The largest multi-family residential project
that sold was Marbrisas, a 500-unit apartment complex in Chula Vista which
sold for $62 million.
In addition to the above properties, the AssessorÕs Office
must appraise all properties that have undergone a change of ownership
when companies merge or are acquired by another company.Ê This year the
largest transaction of this type was Spieker Properties, Inc. which merged
into Equity Office Properties.Ê Twenty-three properties were involved
with a reported merger value of $278 million. (see attached listing of
major sales and new construction.)
According to Smith, ÒThe real estate market was very strong throughout
San Diego County last year.Ê The AssessorÕs Office appraised over 90,000
property sales, and 34,000 properties with new construction.Ê An additional
11,000 new parcels were added to the assessment roll this year due to
new subdivisions and lot splits.Ó
Over 47,000 Notification Letters are being mailed to property owners
whose value increased by more than the 2 percent inflation factor.ÊÊ Property
owners who disagree with the new values, and can support a lower value,
must file an assessment appeal between July 2 and September 15, 2002.Ê
For the necessary application forms, please contact the Clerk of the Assessment
Appeals Board at (619) 531-5777
|
SUMMARY OF TOTAL ASSESSED VALUE BY CITY
|
|
CITY
|
2001-2002
|
2002-2003
|
%
CHANGE
|
|
CARLSBAD
|
12,509,491,397
|
13,863,962,333
|
10.83%
|
|
CHULA VISTA
|
10,390,023,796
|
11,848,542,395
|
14.04%
|
|
CORONADO
|
3,432,537,741
|
3,703,233,861
|
7.89%
|
|
DEL MAR
|
1,306,479,858
|
1,374,709,923
|
5.22%
|
|
EL CAJON
|
4,594,819,975
|
4,867,131,512
|
5.93%
|
|
ENCINITAS
|
6,377,905,722
|
6,926,019,525
|
8.59%
|
|
ESCONDIDO
|
7,326,726,803
|
7,898,806,693
|
7.81%
|
|
IMPERIAL BEACH
|
839,124,731
|
906,903,405
|
8.08%
|
|
LA MESA
|
3,185,262,043
|
3,386,747,490
|
6.33%
|
|
LEMON GROVE
|
1,012,656,954
|
1,079,453,061
|
6.60%
|
|
NATIONAL CITY
|
1,815,233,055
|
1,905,567,482
|
4.98%
|
|
OCEANSIDE
|
9,382,141,614
|
10,187,718,996
|
8.59%
|
|
POWAY
|
4,941,481,465
|
5,449,103,253
|
10.27%
|
|
SAN DIEGO
|
100,079,158,502
|
108,369,454,170
|
8.28%
|
|
SAN MARCOS
|
3,910,819,040
|
4,490,552,010
|
14.82%
|
|
SANTEE
|
2,550,543,283
|
2,693,307,373
|
5.60%
|
|
SOLANA BEACH
|
2,037,483,632
|
2,154,621,593
|
5.75%
|
|
VISTA
|
5,217,585,625
|
5,594,154,508
|
7.22%
|
|
TOTAL INCORPORATED CITIES
|
180,909,475,236
|
196,699,989,583
|
8.73%
|
|
TOTAL UNINCORPORATED AREAS
|
32,971,681,352
|
35,802,151,918
|
8.58%
|
|
TOTAL SAN DIEGO COUNTY
|
213,881,156,588
|
232,502,141,501
|
8.71%
|
|
MAJOR APPRAISALS IN 2001
OVER $30 MILLION
|
|
MAJOR CHANGE OF OWNERSHIP
|
|
|
SPIEKER PROPERTIES (23 PARCELS)
|
ÊÊÊÊÊ $278,000,000
|
|
PROPERTY SALES
|
REPORTED SALES
PRICE
|
| |
|
|
San Diego Tech Center
|
$130,000,000
|
|
La Costa Resort & Spa
|
$116,000,000
|
|
Torrey Pines Science Park
|
$70,800,000
|
|
Hazard Center
|
$70,800,000
|
|
Regents Square I & II
|
$62,682,000
|
|
Marbrisas (500 Apartments)
|
$62,000,000
|
|
US Grant Hotel
|
$58,710,000
|
|
Singing Hills Resort at Sycuan
|
$40,700,000
|
|
Nokia Office Bldg
|
$33,338,000
|
|
San Diego Spectrum
|
$32,750,000
|
|
Idec Pharmaceuticals
|
$31,000,000
|
|
Bae Systems Office Bldg
|
$30,900,000
|
|
Front Street Plaza
|
$30,500,000
|
| NEW CONSTRUCTION PROJECTS |
VALUE ADDED
|
| |
|
|
Archstone Mission Valley (726 units)
|
$85,900,000
|
|
Larkspur Energy (Electricity Generation)
|
$61,370,456
|
|
International Gateway of the Americas (Phase I)
|
$40,711,000
|
|