Rising property tax valuations mean an increase not only to property owners who shell it out, but the state, counties and cities that rack it in: about $609 million will be paid in property taxes in Ventura County this year, with about $109 million going into county government coffers. Lesser funds trickle down to cities which still benefit from the increase.Ventura County Assessor Dan Goodwin attributed this year?s increase to a combination of factors, especially new business property and new construction. Changes in property ownership lead to higher assessments, even Prop. 13 has a 2 percent increase built in; additionally, Prop. 8 - which allows the assessors office to restore property valuations previously deflated by depressed markets - is also adding revenue to the property tax base.Prop. 8 was used in record numbers in the early 1990s when property values plummeted: property owners are allowed to appeal their property taxes based on market value, and the early 1990s saw thousands of owners take advantage of Prop. 8 to lower their property tax. But, the real estate market - which boomed in the late 1980s before the bust a few years later - is again robust, allowing higher taxes to be implemented.
Ventura County 2001-02 property valuations rise 8.7 percent
August 31, 2001
Santa Paula News
This year saw property values again take a leap, partly fueled by new construction and on the heels of a record-breaking increase last year.
By Peggy KellySanta Paula TimesThis year saw property values again take a leap, partly fueled by new construction and on the heels of a record-breaking increase last year.The 8.7 percent increase in Ventura County?s total property valuation for 2001-2002 is the second highest in county history; a record 10 percent increase in valuation of county property occurred last year.The total taxable value of all Ventura County property is $60,874,106,984, an increase of $4.9 billion from last fiscal year.