In a significant financial announcement, San Diego County Assessor Jordan Z. Marks has certified the 2024 gross assessed value roll at a record-breaking $768 billion, marking a 5.58% increase over the previous year, as reported by the San Diego County Assessor’s Office. This increase represents a substantial addition of $40.6 billion to the taxable property value in the region, signaling robust growth in the county's economy.
Benefitting from the uptick, property tax savings exceeded $300 million for San Diego's diverse inhabitants, including homeowners, disabled veterans, and small businesses. The savings also extend to initiatives like affordable housing and homeless service projects; additionally, survivors of the devastating 2024 Winter Storm floods have been offered relief; this marks a pivotal financial strategy in combating the extraordinary cost of living and maintaining property within the Californian borders. The tax roll's surge culminated in a net assessed value of $738 billion after deducting tax savings, slated to bump property tax revenues up by roughly $7.38 billion, which is expected to enhance funding for key local services encompassing education, public safety, and community infrastructure.
An integral factor in property tax management, Proposition 13, has played a role in tempering property tax increases for many, applying to 91% of properties, or 929,563 out of the total, and limiting their growth to just 2%, as stated by the San Diego County Assessor’s Office. Jordan Marks highlighted the Assessor team's earnest efforts in customer service, which garnered an impressive 98.2% positive rating, and their commitment to tax roll accuracy.
Delving into the details, noteworthy numbers have been shared: over $32.2 million is earmarked for the Homeowners' Exemption, benefiting 460,104 homeowners, with $29.5 million designated for the property tax savings of 17,763 disabled veterans and their spouses—San Diego County boasts the leading position in the state for qualifying this deserving group for such aid. The city of San Marcos saw the highest growth in assessed value at 7.46%, while El Cajon trailed with the lowest at 3.33%. However, the lion's share of the increased dollar amount in valuation, at $19.3 billion, went to the City of San Diego.
