Del Mar has largest city property value growth in county last year

By City News Service

The combined value of almost 982,000 assessed properties in San Diego County rose 3 percent last year to $408.8 billion, the county Assessor/Recorder/Clerk’s office announced June 27.

Minus various exemptions and deductions — such as for properties owned by charities — the total taxable value will be $393 billion. The 1 percent property tax should generate about $3.9 billion in revenue, county Assessor/Recorder/Clerk Ernest Dronenberg Jr. said.

“The improved residential market required our office to partially or totally restore temporarily reduced values as the market value on many properties exceeded the values calculated pursuant to Prop. 13,’’ Dronenberg said. “In addition, we experienced positive change in ownership and new construction activity.’’

He said all 18 cities in the county experienced property value growth, with Del Mar having the largest climb at 6.8 percent.

The assessed value of the properties was as of Jan. 1, 2013. The growth since New Year’s Day 2012 was $13.6 billion, according to Dronenberg.

Property tax notices will be sent in the middle of next month, he said.