Continued strong demand for real estate and a resilient economy overcoming interest rate hikes led to a 9% increase in assessed valuation in Riverside County going into 2023, according to the Riverside County Assessor-County Clerk-Recorder (ACR). This marks the second year in a row of strong growth in assessed value as values also rose 9% the year prior.
Assessor-County Clerk-Recorder Peter Aldana has announced that the total taxable value of all Riverside County property for the current year grew to over $400 billion for the first time ever, totaling $404 billion, a $35 billion increase. This year’s tax roll – a list of all taxable property, its owner, and its value as of January 1 – will generate roughly $4 billion for local government services.
“Surpassing the $400 billion mark is a historic achievement for Riverside County,” Aldana said. “It signifies the remarkable growth of our county and reflects the confidence individuals, businesses, and investors have in our region. Plus, once again, I have to give credit to the coordinated team effort that completed a growing assessment roll on time during another busy year.”
The median home price in Riverside County grew to $615,000 in 2022, a 9.1% increase from 2021, according to the California Association of Realtors.
Property owners may review their 2023 assessment roll value by visiting the Riverside County Assessor public access online services website at Assessor Online Services or calling (951) 955-6200. Although the Assessor works to enroll fair-market values, an owner might disagree with the valuation. Those owners may file a free decline-in-value application online. Applications are due by Nov. 1 and are available at Decline in Value Application.
Property owners also may request a formal hearing before the Assessment Appeals Board. The deadline to file is Nov. 30. The application is available on the Clerk of the Board’s website at Assessment Appeals Online.