HomeRiverside County NewsRiverside County's 2024 Assessment Roll reveals record property value surge, 7.11% growth...

Riverside County’s 2024 Assessment Roll reveals record property value surge, 7.11% growth with $432.97B in assessed value

Riverside County, California – Peter Aldana, Riverside County’s Assessor-County Clerk-Recorder, made a major announcement releasing the 2024 Assessment Roll, which shows a notable rise in overall assessed property prices all throughout the Riverside County. The region’s real estate market continues to grow as seen by the remarkable $432.97 billion total assessed value this year, a 7.11% increase from the year before.

The most recent data highlight a number of encouraging developments in the local property markets. The median house price in the county has stayed constant at $618,000 even if property transactions have dropped. The strength shown in the industrial and commercial sectors has also significantly helped to explain the general rise in value. This expansion is especially supported by significant new constructions throughout the county, which have given the assessment rolls great value.

Separating the figures, secured property values—which cover land, buildings, fittings, personal property—have come to $417.88 billion. This is a 6.93% rise over previous year. Land prices by themselves have increased by 6.27% and come out to be $113.89 billion. Structure values have increased by 12.11% to reach $940.98 million while values have climbed to $301.93 billion, a 7.19% increase. Unsecured property values—which include business personal property including machinery and equipment—have also surpassed $15.09 billion, demonstrating an amazing 12.53% growth. Personal items in this category increased by 9.37% to $7.28 billion, showing great business sector performance.

“Fair and accurate property assessments ensure that schools are adequately funded, public safety and law enforcement services are well-supported, and other county services such as infrastructure and public health are maintained,” Peter Aldana said. “This contributes to the overall quality of life for all residents. This year’s Assessment Roll not only demonstrates the dynamic nature of our real estate market but also the substantial growth we’ve seen over the past few years. I extend my thanks to our dedicated team for their hard work and commitment to maintaining the integrity of our assessment process.”

Read also: Riverside County approves $9.2 billion budget for fiscal year 2024-25 with focus on fiscal stability, service enhancements

Property owners may see the 2024 Assessment Roll values on the public access online services page of Riverside County Assessor. By November 1, those who want to challenge the assessed value of their property can file a decline-in-value application for free online . Formal Assessment Appeals also have to be turned in by November 30, either online or by paper form, giving property owners another way to make sure their assessments fairly represent current market values.

Riverside County's 2024 Assessment Roll shows rise in overall assessed property prices throughout the county with $432.97B in assessed value

Completing the Assessment Roll not only confirms Riverside County’s dynamic character of its real estate market but also confirms its part in financing and supporting of necessary public services.

Riverside County keeps securing the financial basis for public projects by means of precise and fair property values, therefore guaranteeing the communities remain vibrant and safe. This annual evaluation underlines the economic strength and growth-oriented attitude of the area, therefore providing a healthy financial future for both individuals and businesses.

For more info, visit the Riverside County official website.

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