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Booming construction causes record revenue

The first installment of County property taxes are due today. And San Diego County is expecting a record take. KPBS Reporter Kenny Goldberg has the story.

The first installment of County property taxes are due today. And San Diego County is expecting a record take. KPBS Reporter Kenny Goldberg has the story.

San Diego County property tax revenue is expected to top $3.5 billion this year. Real property in the region has a combined assessed value of some $319 billion that represents more than a ten percent increase over last year's figure.

County Treasurer-Tax Collector Dan McAllister says there's an enormous amount of construction in the area.

McAllister: "You look downtown and you see just tons of new condominiums popping up virtually every month, it seems. I know that's true in the North County coastal region, it's true on the Otay Mesa and Eastlake."

McAllister believes local real estate prices are in a brief cooling-off period. He predicts the market will heat up again early next year.

Kenny Goldberg, KPBS News.