Folsom, CA (PRWEB) December 10, 2012
Consistent with property market value stabilization in San Joaquin County, the overall assessed value of secured parcels has dropped just -0.5% (-$231 million) in the current roll period. However, the ‘damage’ has certainly been done as the current value of San Joaquin County’s secured tax roll stands at $49.726 billion in the current 2012-2013 close roll period – nearly $4 billion less than it was at the close of the 2008-2009 tax roll period as the combination of sluggish home-sales and lack of new construction continue to challenge growth. This is disturbing news for various cities and districts that largely depend on increases in property tax revenue to fund new development projects.
Representing nearly a third (32.5%) of San Joaquin County’s tax roll, the city of Stockton continues to drive the majority of the county’s secured tax roll decline as the overall value of Stockton’s secured tax roll dropped -$283 million for the current closed roll period versus last year and now stands at $16.137 billion. The cities of Tracy (-$72 million, -1.1%) and Lathrop (-$54 million, -3.1$) are also showing secured tax roll declines while Manteca (+$7.2 million) and Lodi (+$229k) are showing modest increases.
Although San Joaquin County’s secured tax roll declines have slowed, the shifting of secured parcels from Prop-13 to Prop-8 has created a greater level of instability. While Prop-13 restricts growth of a parcel’s assessed value to 2% annually unless a change in ownership occurs, Prop-8 parcels are tied to fluctuations in the real estate market and can, as a result, adjust up or down much more radically and without limit. Currently, 44% of San Joaquin County’s secured assessed values are driven by Prop-8 parcels. This is a dramatic shift from the 2008-2009 closed roll period when Prop-8 parcels comprised only 36.9% of the county’s total assessed parcel values.
The city of Stockton also continues to experience a shifting of parcels from Prop-13 to Prop-8 status as the overall value of Prop-8 secured assessments now stands at $8.062 billion, up from $7.572 billion a year ago. Prop-8 parcels now represent 50% of Stockton’s tax roll, compared to 46% a year ago and 39% in 2010. In the city of Tracy (which accounts for 13.4% of San Joaquin County’s overall secured tax roll value), Prop-8 parcel assessments stand at $4.1 billion while representing a majority (62.7%) of Tracy’s overall tax roll. Prop-8 assessments account for 57.8% of Manteca’s secured roll, 49.3% of Lathrop’s secured roll, and just 37.3% of Lodi’s secured tax roll.
Since 1995, ParcelQuest has been working directly with all 58 California county assessors and their staff to provide the most current data and parcel maps available anywhere. ParcelQuest’s unique relationship with California’s county assessors gives its clients access to better mid-year assessment data, enabling them to more accurately forecast property tax revenue, efficiently manage levy administration and accurately evaluate the effect of Proposition 8 reductions on the total assessed value for virtually any bond issue in the state of CA. Using its own in-house cadastral mapping staff, ParcelQuest also provides GIS files and data sets that are continually standardized and updated to reflect the latest parcel boundaries and assessor information, including ownership, assessments, sales and property characteristics. ParcelQuest currently markets its products and services through the website: http://www.parcelquest.com.