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Cities See Large Decrease in Property Value

Audio

Aired 6/30/09

The San Diego County Assessor’s office says for the first time the county’s total property value has fallen. The value has decreased by more than 2 percent over last year. But some cities are seeing much larger declines.

— The San Diego County Assessor’s office says for the first time the county’s total property value has fallen. The value has decreased by more than 2 percent over last year. But some cities are seeing much larger declines.

Chula Vista saw the biggest decline in property values between this year and last. The city’s assessed value has dropped by nearly 10.5%. Lemon Grove is next on the list with a nearly 9.5 percent decline. But City Manager Graham Mitchell says the decrease isn’t that drastic for a $12.5 million budget.

“The actual amount decline is not as significant as the 9.5 percent would suggest. For Lemon Grove, it’s a $175,000 less this year than last year,” he says.

He says Lemon Grove depends more on sales taxes which have also dropped off. Escondido, San Marcos and Oceanside all saw property values decrease about 6 percent or more. Del Mar and Coronado defied the trend. Each had at least a 5 percent increase in value.

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