San Diego County Property Valued At Record $627B Despite Pandemic

SAN DIEGO COUNTY, CA — The assessed value of all taxable property in San Diego County hit a record-setting high of $627.25 billion, the county assessor's office announced Tuesday. Despite the COVID-19 pandemic, that's a 3.72 percent increase — or $22.5 billion — over last year.

County Assessor Ernest J. Dronenburg Jr. on Tuesday certified and closed the 2021 assessed value roll of all taxable property, which is based on assessed values as of Jan. 1. Property tax reductions for those affected by COVID-19 government restrictions were reflected in the 2021 assessment roll.

"The 2021 property tax roll reflects the great work my team did with our key partners, proactively reaching out to small business and property owners impacted by COVID-19 to help them qualify for $1.1 billion in assessed value reductions for property tax relief," Dronenburg said.

The roll consisted of 1,006,991 real estate parcels, 54,148 business personal property accounts, 13,312 boats, and 1,550 aircraft. The roll's total net assessed value is $602.06 billion after deducting $25.19 billion for a record-high reduction resulting in more than $250 million in property tax savings for homeowners, disabled veterans and charitable organizations.

The assessor's outreach program qualified 471,161 homeowners for more than $32 million in savings from the Homeowners' Exemption; 11,983 county disabled veterans for more than $17 million in savings using the Disabled Veterans' Exemption; and 5,148 welfare institutions, such as schools, churches, museums and nonprofits for more than $201 million in property tax savings.

Dronenberg said the 2021 property tax roll "highlights that Proposition 13 delivered on its key promises."

"First, that taxpayers be protected from unaffordable property taxes due to skyrocketing real estate values that could cause them to lose their homes," Dronenberg said.

"Second, it provided for the ninth year in a row a reliable and increased government funding source for key services like schools and first responders, insulating them from the current COVID-19 pandemic. Thanks to Proposition 13, no homeowner should lose their home due to unaffordable property taxes and no government should lack funding due to the pandemic."

Highlights from the 2021 Assessment Roll

• San Diego County set a record high of over $627 billion in assessed value.
• Qualified property owners for $1.1 billion in COVID-19 related assessed value reductions.
• Qualcomm is San Diego County's first property taxpayer to have one of their property's assessed value enrolled on the tax roll for over $1 billion.
• Assessor qualified a record-high 11,983 San Diego County disabled veterans for property tax savings, totaling over $17 million.
• Eighty-six percent of property owners received a 1.036 percent inflation adjustment, limited by Proposition 13's protective cap, despite skyrocketing home values rising 10.7 percent.
• Proposition 13's inflationary increase of 1.036 percent produced an additional $5.41 billion in assessed value to fund schools, libraries, parks and other public services.
• City of Lemon Grove realized the highest assessed value growth rate at 6.08 percent.
• National City saw the lowest growth rate at 2.60 percent. The city saw the highest last year at 7.10 percent.
• City of San Diego had the largest value increase, adding $9.9 billion or 3.39 percent.