For the sixth consecutive year, San Benito County’s total worth
grew by more than 7 percent as assessed property values reached
approximately $5 billion during the past year.
For the sixth consecutive year, San Benito County’s total worth grew by more than 7 percent as assessed property values reached approximately $5 billion during the past year.
County Assessor Arnold Fontes unveiled the 2003-04 assessor’s report during the Board of Supervisor’s meeting Tuesday, and said that although the gross increase of 7.3 percent was the slowest in four years, it was still significant.
“We have cracked the $5 billion mark,” Fontes said.
The value of the county’s taxable property and assets increased by approximately $86.7 million and the county’s net worth has nearly doubled during the eight years since the 1995-96 assessment.
For the past six years, SBC has been at or near the top in population growth for the state. And those numbers were reflected in the pattern of increases that the county has experienced.
Since 1985, the county’s assessed value has increased nearly five-fold from $1.05 billion to the current $5.06 billion, according to the assessment report released Tuesday.
Assessed values rose in all categories with the exception of personal property, which dropped 0.3 percent, from $220 million in the 2002-03 assessment to $219 million in the current assessment, according to the report.
Despite the building moratorium imposed in May 2002, the City of Hollister’s assessed value grew by 8 percent to approximately $183 million.
The largest percentage increase in property values came from the City of San Juan Bautista, which saw a 10.3-percent increase. Property values in the Mission City went from $98.2 million last year to $108.3 million this year.
The amount of assessed property values is important because it establishes how much property tax that land and homeowners have to pay. A large portion of those taxes goes to pay for local services such as schools, police and fire protection.
For every dollar in property tax collected for the county, approximately 68 cents goes toward schools; 11 cents goes toward county government; the City of Hollister receives roughly 15 cents, and the rest goes toward special districts and earmarked services.
Property value assessment is the value of both real property and the assessed value of equipment used in any businesses in the county. Equipment includes major purchases by businesses for things such as tractors and other machinery used by farmers. Things like the large earth-movers and trucks at the Graniterock quarry are also subject to assessment measuring.
However, not all property is included on assessment tax rolls, according to Fontes. He said the exemptions include churches, parochial schools, cemeteries, disabled veterans and low-income, non-profit housing developments.
