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Home arrow News arrow Business arrow Tuolumne County property values down

Tuolumne County property values down

The overall value of assessed property in Tuolumne County was down in 2011, though not as much as it was in the prior two years.

According to the county Assessor’s Office, the total assessed value on the local roll for 2012-13 is $5.9 billion. That’s down 2.17 percent from 2011-2012, Assessor-Recorder Ken Caetano said last week.

That number is the total value on the secured roll, which includes all property and real estate, and represents the amount on which property owners pay taxes. 

However, Caetano said that despite the decrease, that number is down less than it was in 2011 when overall property values took a 3.52 percent drop and in 2010 when they dipped to 4.86 percent.

Caetano said much of that can be attributed to Prop 13, as about 75 percent of local properties increased in assessed value by about 2 percent thanks to a bump in the consumer price index. With almost no new construction, the remaining properties saw decreases in as much as 10 percent due to the down market, he said.

“We’re hopeful that things will turn around in the second half of the calendar year,” he said.

The latest housing numbers did include some positive statistics. The county saw decreases in both notices of default and notices of trustee sales, according to the Recorder’s Office.

The county saw 595 default notices recorded in the office, which was down about 13.9 percent. Trustee sale notices were down almost 22 percent to 500, according to the office. Overall, documents recorded with the county were down only 4.2 percent.

Caetano said there is some reason to see positive signs in those numbers.

“I guess that’s a good thing. We’re hoping that means most of the foreclosures are running their course and there will be less homes on the market next year,” he said.

The Office of Assessor-Recorder releases annual statistics every fiscal year, which begins July 1. The numbers reflect the previous calendar year, Caetano said.


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Thu, 30 Oct 2014 06:50:22 -0700