When the nearly one million property tax bills get mailed to San Diego County residents later this year, it will be the fifth year in a row that the total amount due has grown by more than five percent. County Assessor Ernest Dronenburg announced last week that the expected assessed value of all taxable property in San Diego will amount to just under $575 billion. This is a six percent increase over last year.
California’s Proposition 13 however protects residents from property tax increases more than two percent in a fiscal year, so that actual revenue is expected to be $551.9 billion. The assessments are not just on homes but include parcels of land, businesses, boats and airplanes in San Diego as well.
Income to the County from property taxes help fund public services like police and fire departments, schools and parks.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.