Read the Freelance article below to hear about San Benito County’s lower tax assessments due to property value. As a whole property values decreased because the higher end homes are now facing the short sale and foreclosure market due to unemployment or pay pay cuts. Contact Kristen to see how you may be affected.
San Benito County’s assessed property values dropped by 2.5 percent in 2010, according to the recently released assessor’s report.
Assessor Tom Slavich reported to the board that the overall assessment dropped by 2.5 percent, or a total of $139 million. Property values fell in all sectors – including residential, commercial, industrial and agricultural properties, according to the report. The overall assessment was $5.8 billion.
Slavish attributed the decline to the struggling real estate market, while there were reductions in values and taxes for more than 6,600 properties assessed at the close of the tax roll. Part of the reason was the Consumer Price Index rising just 0.753 percent – while Prop. 13 properties’ assessments cannot exceed 2 percent annually, or the CPI, whichever is lower.
As for local jurisdictions, the largest percent decrease in assessed values was in the North County School District, which oversees Spring Grove School in rural San Benito County. Its values dropped by 8.6 percent.
The smallest decrease was minute – in Tres Pinos, values declined from $140,306,023 to $140,294,447 – or just $11,576.
Hollister’s values decreased by 4.1 percent, while San Juan’s fell by 0.9 percent, according to the report.