San Mateo County’s Property Assessment Roll increased year-over-year by $15.9 billion, or 7.1%, to a record high of more than $238.4 billion in assessed value, marking the ninth consecutive year in which a historical high has been set, according to San Mateo County Assessor Mark Church.
While Church acknowledged the county’s residential market has softened somewhat, he attributed the record growth in commercial and mixed-use development with bringing the county’s total assessment roll to a new high. The Property Assessment Roll is the assessed value of all properties as of Jan. 1 each year and shows changes in ownership, new construction and changes in values from the previous year. San Mateo County’s combined assessment roll increased by $97 billion from where it was nine years ago, according to a press release.
“2018 marked another year of roll growth for San Mateo County,” said Church in the release, noting the county logged the lowest unemployment rate in the state in 2018. “San Mateo County’s local economy remains one of the strongest in the nation.”
Reflecting growth throughout the county, the 2019-20 Property Assessment Roll shows total assessed values increased in all of San Mateo County’s 20 cities and unincorporated areas, which logged increases ranging from 3.4% to 10.5%. Included among the five cities logging the highest growth in assessed value are Menlo Park, Foster City, South San Francisco, Brisbane and San Mateo, according to the release.
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Approximately 1% of the county’s Property Assessment Roll, the shared property tax funding base will increase to $2.38 billion, an estimated 45% of which will be allocated to county schools. Some 25% of the shared property tax funding base, or $595 million, will be allocated to the county, marking an increase of $39 million over last year, according to the release.
Behind much of the growth of the 2019-20 roll were major commercial development projects consisting of 80,000 square feet or more, which accounted for more than 3 million square feet of new development coming to market in 2018. In the next six to eight years, some 55 million square feet of new commercial construction is expected to be completed in the county and an estimated 8.6 million square feet of new commercial construction has been completed in the last four years, according to the release.
With 13.6 million square feet of commercial development pending, approved or under construction, Redwood City is the city with the highest volume of major commercial development, while Menlo Park ranked second in the county with 10.4 million square feet of commercial projects to come online, according to the release.
After median price growth was recorded for the residential real estate market in the spring of 2018, the market declined in the second half of the year, breaking a seven-year growth trend. The California Association of Realtors reported median home prices decreased after the spring sales cycle and ended the year up from January of 2018 to January of 2019 at $1.45 million, according to the release.
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