RIVERSIDE COUNTY, Calif. - The Riverside County Assessor's Office is reporting the largest percentage increase in property values in the county since 2007.
The latest numbers indicate a 7.74% overall increase this year, which is the highest total assessment-roll value since 2008, according to Assessor Larry Ward.
And even better for Riverside County residents, Ward said the average property owner won't see a comparable property tax increase.
The assessment roll is based upon assessed property values in Riverside County. This year, the driving factor in the roll's increase is the year-over-year growth in the average sales price of single family homes in Riverside County.
The median home sales price increased 24%, from $210,000 to almost $260,000, between December 2012 and December 2013, according to statistics from Data Quick, a real estate information services firm that compiles monthly reports from public records.
Values are established as of Jan. 1 each year.
A substantial decline in foreclosure-related activity has also significantly affected Riverside County's improved real estate market, according to the county's release. Fewer foreclosures reduced the number of homes for sale and increased competition for available homes, pushing prices higher.
"After several years of economic difficulties, the Inland Empire and specifically Riverside County appear poised to once again be one of the fastest growing counties in the state," Ward said.
Under the law, as economic recovery increases market value, valuations that were lowered during the recession must be increased to match the subsequent upswing. In those cases, property tax-increases on the properties are allowed to exceed the standard 2% annual cap set by Prop. 13.