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San Diego 2024 tax roll hits record high $768 billion – up 5.58%

Tops $300 million in record high tax savings for San Diegans

SAN DIEGO – San Diego County Assessor Jordan Z. Marks certified the 2024 gross assessed value roll of all taxable property with a record-setting high of $768 billion, reflecting a 5.58% increase (or $40.6 billion) over last year. The 2024 assessment roll reflected unprecedented property tax savings of over $300 million for San Diego homeowners, disabled veterans, small businesses, affordable and homeless housing projects, and charitable organizations.

This property tax relief also includes survivors of the 2024 Winter Storm floods. This is the 12th straight year the San Diego County Assessor’s Office has delivered record-high revenue for key government services and record-high property tax savings making San Diego more affordable to live and thrive.

San Diego County is the fifth largest assessment jurisdiction in the United States with 1,017,929 real estate parcels, 56,839 business personal property accounts, 14,852 boats, and 1,576 aircraft. The tax roll’s net assessed value is $738 billion after deducting $30 billion for taxpayer savings. This will result in approximately $7.38 billion (or $384.2 million) more than last year in property tax revenue to support key county, city, school, fire, water, and other special district services.

Prop 13 protected 91% or 929,563 San Diego properties by limiting their property taxes to a 2% assessed value increase – in accordance with California’s landmark legislation that limits property taxes on property owners while providing a stable and key source of revenue for local governments.

Assessor Jordan Marks noted, “My office delivered a record-high $300 million in property tax savings for San Diegans thanks to our proactive efforts, which included our important work helping our neighbors qualify for property tax relief necessary for rebuilding from the devastating 2024 winter storm floods.

Marks continued, “My Assessor team’s award-winning proactive outreach has delivered more housing affordability for San Diegans than ever before, especially record high property tax savings of $29.5 million to help our disabled veterans and their surviving spouses, and more relief for renters and homeless service providers as we work together as a region to find solutions to our housing challenges.”

Marks added, “Thanks to Proposition 13, no homeowner should lose their home due to unaffordable property taxes from the recent skyrocketing home prices. At the same time, governments will receive record high reliable funding for the 12th straight year.”

Marks went on to say, “The 2024 tax roll shows that San Diego County is the gold standard in fairness, transparency, and putting taxpayers first based on having received a 98.2% positive customer service rating from our customers this past year.”

Marks concluded, “My extraordinary San Diego Assessor team showed leadership in meeting our commitment to closing the tax roll on time and complete. If we don’t close the tax roll on time, then county services will be interrupted, taxpayers impacted, and we would see a cascading effect that would impact revenues for public safety, schools, libraries, parks, and other key government services.”

Key highlights from the 2024 Assessment Roll

• Assessed property values hit a record high of $768 billion (an increase of $40.6 billion or 5.58%).

• San Diego County is the fifth largest assessment jurisdiction in the United States with 1,017,929 parcels.

• Prop 13 protection applied to 91% or 929,563 properties, limiting their property tax increase to 2%.

• $300 million (record high) property tax savings for San Diegans, including homeowners,

disabled veterans, non-profits, affordable housing, and homeless service providers.

• Assisted over 500 flood survivors in applying for property tax relief after the 2024 Winter Storm floods.

• $32.2 million in property tax savings for 460,104 homeowners using the Homeowners’ Exemption.

• $29.5 million (record-high) property tax savings for 17,763 disabled veterans/surviving spouses.

• San Diego County Assessor is the #1 office in the State of California in qualifying disabled veterans and their families for property tax relief.

• The highest assessed value growth rate at 7.46% was the City of San Marcos.

• The lowest assessed value growth rate at 3.33% was the City of El Cajon.

• The largest assessed value increase by dollar amount was $19.3 billion for the City of San Diego.

Submitted by the office of the San Diego County Assessor.

 

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