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San Diego property tax bills break record

Posted by Mehran Aram on Wed, Oct 2, 2019 @ 05:10 AM

San Diego’s Treasurer-Tax Collector Dan McAllister announced this week that his office would be mailing out this month over one million property tax bills. This marks the first that the number of bills going to local property owners has reached the 7-figure mark.

“Despite the need for more housing that we hear about on a regular basis, I see this record-high parcel number as a positive sign,” McAllister said. “It means new units are coming on the market.”

The County is expected to take in approximately $6.9 billion in revenue from the tax bills. This is an increase of $482 million over last year. The first installment of payments is due on November 1.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.75 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.

Topics: San Diego County, San Diego, Mortgage rates, San Diego Housing Market, San Diego Housing, San Diego County Assessors Office, San Diego Tax Bills, San Diego Property Taxes

San Diego County property tax revenue climbs higher

Posted by Mehran Aram on Tue, Jul 2, 2019 @ 05:07 AM

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.

Topics: San Diego County, San Diego, property taxes, Mortgage rates, San Diego Housing Market, Assessors Office, California Proposition 13, Prop 13, San Diego County Assessors Office, Ernest Dronenburg