Correction: An earlier version of this article said assessed property values rose by $23 million, not billion.
San Diego County assessed property values rose by $23 billion in the last fiscal year, the state Board of Equalization said in a report released last week.
The 5.6 percent increase in the fiscal 2015 ending June 30 was 0.3 percent below the state average but reflected an overall trend of economic recovery.
For five consecutive years, the assessed value of all California property — including non-housing property — has increased, which the board attributed to an improved real estate market.
State-assessed properties in San Diego, such as public utilities and railroads, rose 7.2 percent from the last fiscal year.
Only two California counties — Mono and Kern — had their assessed values decrease. Placer County rose the most at 8.8 percent. The state’s 15 coastal counties gained 6 percent and account for 60 percent of the state’s total assessed valuation.
Diane Harkey, San Diego’s representative on the Equalization board, said in a statement that the property value increase throughout Southern California was good news for the region.
“Hopefully this signals that economic recovery will continue here and throughout our state,” she said.
Although assessed value increases mean more in taxes, it is capped at a 2 percent increase. Proposition 13, a statewide initiative that passed in 1978, caps tax increases and bases values on the most recent sales price.
Taxes can rise higher than 2 percent if properties change hands at a higher value or improvements increase the net worth. Taxes can also be lowered under Proposition 8, which allows assessors to lower values based on damage, destruction, depreciation or other factors causing a decline in value.
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