Property Values Rise for First Time in Three Years
July 29, 2011
After two years of declining total property values, the county assessor reported a 0.19 percent increase in total assessed value for the county for fiscal year 2011-12. The $47.9 billion value represents a $90 million increase.
This modest upward trend comes even as unemployment, bankruptcies, foreclosures and other figures indicate a still-floundering economy. [http://www.montereycountyweekly.com/n...]
Also this year, the assessor announced Prop 8 reductions on 35,000 properties. These reduced values are assigned in accordance with Proposition 8, passed by California voters in 1978, and temporarily adjust a property value when its market value falls below its current assessed value. County Assessor Steve Vagnini said the most common reason for such reductions was a weak real estate market.