Are property tax values cut in your city? Newport Beach, Huntington Beach, Laguna Beach?

July 29th, 2010, 9:30 am by Jeff Collins

Did home values fall this year in your city?

Chances are they did.

Nineteen of Orange County’s 34 cities had decreases in taxable property values this year, meaning that tax revenues owed to those towns also will be less in the 2010-11 tax year, the Orange County Assessor’s Office has reported.

The declines are based in the main on falling real estate values, with most of that being homes.

Santa Ana saw property values go down the most. The total value of real estate (plus a much smaller amount of “personal property” like boats, planes and business property) fell 3.03% in that city, from $20.5 billion last year to $19.8 billion this year.

The county’s assessment of taxable property values are used to determine how much taxes are owed by individual property owners.

In addition, the Assessor’s Office reported:

• Ten cities had value drops of 1% or more, including: Laguna Woods (-2.64%), Laguna Hills (-2.3%), Costa Mesa (-2.17%), Orange (-1.92%), Lake Forest (-1.56%), San Clemente (-1.53%), Garden Grove (-1.45%), Irvine (-1.45%) and Stanton (-1.43%).
• Meanwhile, 15 other cities saw the value of their property go up.
• Fountain Valley had the biggest property value increase, up 3.13% from the 2009-10 tax year, up from $6.8 billion to nearly $7 billion this year.
• Just four cities had value gains of 1% or more. In addition to Fountain Valley, they include Laguna Beach (1.89%), Los Alamitos (1.65%) and Westminster (1.22%).
• Irvine has the highest property value total in the county. That city has 63,397 parcels of land with a total assessed value of $46.5 billion this year.
• Newport Beach is second. Even though it has more parcels — 69,498 — its value was $38.8 billion.
• Anaheim has the county’s third highest value, with 76,529 parcels assessed at $34.4 billion.
• Number four was Huntington Beach, with 62,561 parcels assessed at $28.4 billion.
• Santa Ana, O.C.’s most populous city, has fewer parcels: 56,081. The city had the county’s fifth-highest property value total at $19.9 billion.

Countywide, property values fell 0.48%, from $419 billion to $417 billion this year.

Read the rest of this post to see a city-by-city breakdown. Read the rest of this entry »

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