The yearly report from the San Benito County Office of the
Assessor was recently presented to supervisors and showed that
reductions in property values
– a total of more than 8 percent for the year – have translated
into more than $550 million in lost taxable assessments for the
county.
HOLLISTER
The yearly report from the San Benito County Office of the Assessor was recently presented to supervisors and showed that reductions in property values – a total of more than 8 percent for the year – have translated into more than $550 million in lost taxable revenue for the county.
In total, the gross for taxable values – including land, land improvements and personal property – dropped since last years assessment roll period by 8.2 percent, which equates to a $550.7 million decrease to the tax base.
One of the areas to see the biggest drop was “land,” which declined in value by $312.6 million for a percentage decrease of 11.2 percent, according to the report. A county official said the valuations were “all negative.”
“We had a $550 million reduction in value for this taxable year,” said County Assessor Tom Slavich. “That affects the schools, the cities, the county and the special districts.”
This year’s assessment loss is nearly eight times greater than last year’s, a decline of $70 million, or a 1 percent loss.
Although funding for services such as schools will be reduced, a local Realtor noted how property tax valuations going down “certainly helps” the homebuyers.
“It’s a good time to buy. You have these people that couldn’t buy before,” said David Baumgartner, owner of Baumgartner Realty. “Now prices have come down and people can afford these homes.”
For the full story, see the Free Lance on Tuesday.
