More than 200,000 property owners in San Diego County could see their property tax bill rise between 10 and 20 percent this year, a new state report says.
Those owners have been receiving a break on their property tax bills since housing values plummeted during the Great Recession and were reassessed downward. Now, as values have recovered, tax bills can do the same.
“Nobody likes when their taxes go up but in this case taxes are going back up to where they would have been,” said Mark Goldman, a loan officer and real-estate lecturer at San Diego State University. “They got a break, that’s over with, and so it’s unfortunate but the rules are the rules.”
In tax year 2014-15, which starts July 1, property tax bills could go up dramatically because county home values increased 17.1 percent in the 12 months leading to Jan. 1, 2014, the date on which values are assessed. There is no cap on how much a property’s assessed value can recover each year if it was reduced during an economic downturn, the report from the state Legislative Analyst’s Office says.
The above article was originally posted by The San Diego Union Tribune and can be found in its entirety HERE.
