Although average property values in Riverside County increased by over 25% in the past year, property taxes for about 45% of residential property owners in the county will grow by less than half of 1% in 2014.
"This is doubly good news for Riverside County property owners," said Assistant Assessor-Clerk-Recorder Peter Aldana. "Home values have increased significantly, and Riverside County will apply Prop. 13 to ensure residents pay only the appropriate, fair increase in their property taxes."
Prop. 13, approved by voters in 1978, limits annual property-value increases to the annual inflation rate or to 2%, whichever is less. This year's inflation rate is less than half of 1% percent, only the eighth time the rate has been less than 2% - and the second lowest increase since Prop. 13 passed 35 years ago, according to county officials.
About 500,000 of Riverside County's 906,000 real-estate parcels are affected by the calculation that limits increases to the inflation factor. Valuation on about 400,000 parcels remains temporarily reduced because of another state measure, Prop. 8. Under that measure, property assessments can be reduced when current assessed value drops below market value, officials said.