County assessor reports strong growth in property values
–San Luis Obispo County continues to experience strong growth in property values, according to the latest assessment roll released by Assessor Tom Bordonaro. The annual listing of the assessed values for all taxable properties within the county has been officially delivered to the County Auditor.
The assessed value of property established by the Assessor serves as the foundation of the property tax system within the county. Funding for essential public services such as public safety, roads, schools and public health are partially funded with local property taxes.
Assessed values within the county increased significantly during the past year. Assessor Bordonaro reports 7-percent increase in assessment roll values from the 2018 to 2019. Total assessed value, after exemptions is more than $57.1 billion. Homes, businesses, vacant land, watercraft and aircraft showed a strong increase in value.
Residential properties experienced a 5.4-percent increase in assessed value, while the value of business properties were boosted by more than $1 billion, due in large part to the sale of a solar facility in the California Valley. The assessed value for all buildings and land is $55 billion with an additional $2.2 billion for business personal property including computers, furniture, business-related equipment, airplanes and boats.
With the successful completion of the assessment roll, the County Auditor will apply tax rates which will result in property tax bills issued by the Tax Collector.