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June 29, 1999
GREGORY J. SMITH, County Assessor/Recorder/Clerk
1999-2000 PROPERTY VALUE ASSESSMENT INCREASES
County Assessor/Recorder/Clerk Gregory J. Smith announced today that
the assessed value of all locally assessed taxable property in San Diego
County increased to over $178 billion, up $17 billion over the previous
year. This is a 10.7% increase in total assessed value and is more than
the previous year’s increase of 7.4%. This total includes the values
of over 842,000 parcels of real property, 132,103 businesses, 19,175 boats,
14,578 mobilehomes, and 5,257 aircraft (see attached breakdown of assessed
value increases by cities and communities).
The largest individual assessed value increases this
year resulted from major property sales including the San Diego Technology
Center for $93 million, and the former General Dynamics site for $79 million.
Also, major reassessments resulted from bank acquisitions of Home Savings
by Washington Mutual, of Wells Fargo by Norwest, and of Bank of America
by NationsBank. Also, the acquisition of major shopping centers by Westfield
resulted in the following shopping centers being reappraised for property
tax purposes: Horton Plaza, North County Fair, University Towne Center,
and Parkway Plaza. Major construction projects totaling over $200 million
included Coors Amphitheater in Chula Vista and Legoland in Carlsbad (see
attached listing of major changes in ownership).
As a result of the real estate recession that occurred
in the early to mid 90’s, the Assessor’s Office reduced over
208,000 properties by almost $16 billion. This was as a result of State
law (Proposition 8) which allows a temporary reduction in value when the
current market value falls below the assessed value. Now, as a result
of the recent real estate recovery, many of these properties are being
reassessed. To date, $8.5 billion of assessed values have been either
partially or fully restored based on their increase in value.
For those properties that were previously reduced, the
Assessor’s Office must review the property on an annual basis each
January 1st, as required by State law. When the market value
increases, the assessment of the property will also be increased. The
assessed value may be increased incrementally or all at once depending
upon recent sales in the area. This increase, however, may never exceed
the original assessed value plus the cumulative annual inflation factor
not to exceed 2% as limited by State law.
Nearly 152,000 Notification Letters are being mailed
out to all property owners reflecting a change in assessment. Property
owners who disagree with the new value and can support a different value
through comparable sales, must file an assessment appeal between July
2 and September 15, 1999. For the necessary application form, please contact
the Clerk of the Assessment Appeals Boards at (619) 531-5777.
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SUMMARY OF TOTAL ASSESSED VALUE BY CITY
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| |
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CITY
|
1998-1999
|
1999-2000
|
% CHANGE
|
| CARLSBAD |
7,870,741,465
|
9,422,286,087
|
19.71%
|
| CHULA VISTA |
7,336,146,257
|
8,347,651,121
|
13.79%
|
| CORONADO |
2,732,132,846
|
2,916,698,656
|
6.76%
|
| DEL MAR |
919,131,209
|
1,042,158,682
|
13.39%
|
| EL CAJON |
3,673,253,665
|
4,031,282,995
|
9.75%
|
| ENCINITAS |
4,850,719,671
|
5,288,432,984
|
9.02%
|
| ESCONDIDO |
5,757,224,784
|
6,356,576,943
|
10.41%
|
| IMPERIAL BEACH |
683,930,158
|
714,920,958
|
4.53%
|
| LA MESA |
2,747,716,325
|
2,864,929,478
|
4.27%
|
| LEMON GROVE |
848,007,615
|
893,904,799
|
5.41%
|
| NATIONAL CITY |
1,560,838,176
|
1,647,415,363
|
5.55%
|
| OCEANSIDE |
7,117,541,271
|
7,947,323,849
|
11.66%
|
| POWAY |
3,525,649,430
|
3,972,142,613
|
12.66%
|
| SAN DIEGO |
76,033,551,858
|
84,255,646,031
|
10.81%
|
| SAN MARCOS |
2,742,542,834
|
3,060,961,967
|
11.61%
|
| SANTEE |
2,108,376,683
|
2,257,363,618
|
7.07%
|
| SOLANA BEACH |
1,574,757,797
|
1,748,518,215
|
11.03%
|
| VISTA |
3,945,744,154
|
4,371,156,726
|
10.78%
|
| TOTAL INCORPORATED CITIES |
136,028,006,198
|
151,139,371,085
|
11.11%
|
| TOTAL UNINCORPORATED AREAS |
25,376,439,375
|
27,589,132,710
|
8.72%
|
| TOTAL SAN DIEGO COUNTY |
161,404,445,573
|
178,728,503,795
|
10.73%
|
|
CITY OF SAN DIEGO COMMUNITIES
|
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ASSESSED VALUE INCREASES FOR SINGLE FAMILY HOMES
AND CONDOMINIUMS
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|
City of San Diego
|
No. of
|
1998-1999
|
1999-2000
|
Percent
|
|
Communites
|
Parcels
|
Assessed Value
|
Assessed Value
|
Change
|
| Allied Gardens |
4,471
|
427,641,586
|
457,964,004
|
7.1%
|
| Bay Park-Morena |
6,679
|
831,902,413
|
917,756,144
|
10.3%
|
| Carmel Mtn Ranch |
4,618
|
808,330,094
|
952,181,170
|
17.8%
|
| Clairemont |
18,214
|
1,897,064,909
|
2,056,148,548
|
8.4%
|
| College |
5,223
|
613,727,346
|
652,067,070
|
6.2%
|
| Del Cerro |
2,923
|
496,484,832
|
535,567,037
|
7.9%
|
| East San Diego |
13,174
|
1,237,035,563
|
1,290,723,624
|
4.3%
|
| Encanto |
7,188
|
599,160,700
|
627,728,781
|
4.8%
|
| La Jolla |
11,155
|
4,458,617,381
|
4,959,340,322
|
11.2%
|
| Lake Murray |
6,790
|
747,251,973
|
796,830,563
|
6.6%
|
| Linda Vista |
5,393
|
587,655,078
|
640,011,883
|
8.9%
|
| Lomita Village |
6,990
|
674,927,667
|
706,119,452
|
4.6%
|
| Mira Mesa |
18,259
|
2,388,610,719
|
2,619,103,243
|
9.6%
|
| Mission Beach |
1,109
|
261,017,771
|
272,272,714
|
4.3%
|
| Mission Hills-Hillcrest |
5,686
|
1,015,544,838
|
1,101,845,857
|
8.5%
|
| Mission Valley |
3,479
|
285,976,947
|
314,349,370
|
9.9%
|
| North Park |
10,496
|
1,061,114,107
|
1,133,019,872
|
6.8%
|
| Ocean Beach |
3,641
|
591,577,331
|
640,036,867
|
8.2%
|
| Otay Mesa |
7,196
|
676,650,457
|
700,983,116
|
3.6%
|
| Pacific Beach |
8,125
|
1,410,035,265
|
1,511,473,578
|
7.2%
|
| Paradise Hills |
8,451
|
895,648,158
|
924,492,822
|
3.2%
|
| Penasquitos |
13,142
|
2,416,189,329
|
2,654,301,224
|
9.9%
|
| Point Loma |
7,951
|
1,566,819,648
|
1,685,471,208
|
7.6%
|
| Rancho Bernardo |
11,940
|
2,016,635,192
|
2,208,476,462
|
9.5%
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| San Carlos |
3,530
|
492,715,901
|
524,863,226
|
6.5%
|
| San Ysidro |
2,245
|
194,013,118
|
221,121,696
|
14.0%
|
| Scripps Ranch |
8,776
|
1,800,956,992
|
2,088,409,597
|
16.0%
|
| Serra Mesa |
5,694
|
537,046,065
|
617,397,366
|
15.0%
|
| Tierrasanta |
6,390
|
1,101,651,005
|
1,193,244,774
|
8.3%
|
| University City North |
7,434
|
1,165,038,431
|
1,265,592,177
|
8.6%
|
| University City |
4,998
|
781,591,776
|
841,042,818
|
7.6%
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UNINCORPORATED COMMUNITIES
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ASSESSED VALUE INCREASES FOR SINGLE FAMILY HOMES
AND CONDOMINIUMS
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| |
|
|
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|
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No. of
|
1998-1999
|
1999-2000
|
Percent
|
|
County Areas
|
Parcels
|
Assessed Value
|
Assessed Value
|
Change
|
| Alpine |
3,964
|
761,270,723
|
828,786,150
|
8.9%
|
| Bonita |
6,294
|
1,207,840,042
|
1,261,225,058
|
4.4%
|
| Bonsall |
2,411
|
460,348,476
|
517,928,346
|
12.5%
|
| Borrego Springs |
1,502
|
178,205,340
|
187,835,073
|
5.4%
|
| Dehesa |
489
|
103,268,874
|
112,487,678
|
8.9%
|
| Fallbrook |
7,776
|
1,347,357,023
|
1,456,271,581
|
8.1%
|
| Jamul |
1,891
|
378,329,959
|
398,492,588
|
5.3%
|
| Julian |
1,741
|
179,718,616
|
187,490,308
|
4.3%
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| Lakeside |
8,489
|
1,014,108,600
|
1,115,179,466
|
10.0%
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| *Mountain Empire |
2,452
|
258,529,952
|
270,652,195
|
4.7%
|
| Pauma |
743
|
117,485,463
|
122,514,977
|
4.3%
|
| Ramona |
4,386
|
647,145,883
|
711,175,026
|
9.9%
|
| Rancho Santa Fe |
2,146
|
1,878,078,112
|
2,076,761,850
|
10.6%
|
| SD Country Estates |
2,957
|
504,190,400
|
546,964,557
|
8.5%
|
| Spring Valley |
13,943
|
1,554,734,386
|
1,653,594,862
|
6.4%
|
| Vallecitos |
200
|
28,827,143
|
47,433,261
|
64.5%
|
| Valley Center |
3,000
|
586,916,510
|
641,286,893
|
9.3%
|
| Warner Springs |
250
|
26,612,043
|
28,071,068
|
5.5%
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| *Mountain Empire - |
Includes Descanso, Pine Valley,
Jacumba, Campo |
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Boulevard, Guatay, and Potrero. |
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|
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Major Appraisals in 1998
|
|
Over $25 million
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| Owner |
Sales Price
|
| San Diego Tech. Center Industrial Complex |
$ 93,000,000
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| LNR Kearny Mesa (Gen Dyn Site) |
$ 79,000,000
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| CCW La Jolla (Sr. Apt. Complex) |
$ 71,500,000
|
| Kilroy Realty Office Complex |
$ 63,700,000
|
| Regents Sq. Office Tower |
$ 51,000,000
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| IRP Scripps (vacant land) |
$ 37,400,000
|
| Del Mar Plaza, LTC (Shopping Cntr) |
$ 36,100,000
|
| Northwest Mutual Life (apts) |
$ 35,700,000
|
| Concourse JVV (apts) |
$ 35,300,000
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| LBA-VFI (Industrial Park) |
$ 35,100,000
|
| JMB Institutional (apts) |
$ 34,000,000
|
| Villa La Jolla (apts) |
$ 31,900,000
|
| Oceanside Mission Mkt (Retail Cntr) |
$ 31,250,000
|
| Arden Realty (office bldg) |
$ 29,920,000
|
| Pacific Retail Trust |
$ 29,750,000
|
| Kilroy Realty (Research & Dev.) |
$ 29,426,000
|
| Alexander Haagen Pro (Retail Cntr) |
$ 26,798,822
|
| PTR-California (apts) |
$ 25,300,000
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| TOTAL VALUE |
$ 776,144,822
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Major Changes In Ownership
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Major changes in ownership that must be reappraised
this year:
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Washington Mutual's acquisition of Home
Savings |
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Norwest's acquisition of Wells Fargo |
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NationsBank acquisition of Bank of America |
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General Dynamics acquisition of NASSCO |
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Kroger's acquisition of Ralph's Markets |
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Texaco/Shell Merger |
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Albertson's acquisition of American Stores
(Lucky/Sav-on) |
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Plus
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| Westfield America's acquisition of major
shopping centers requires the reassessment of the following properties: |
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Horton Plaza |
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North County Fair |
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University Towne Center |
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Parkway Plaza |
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Plus
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| Two Major Construction projects totaling
over $200 million must be appraised |
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Coors Amphitheater in the South
Bay |
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Legoland in Carlsbad |
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