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San Diego Treasurer: Property Taxes Will Mitigate Housing Slide

San Diego County Treasurer/Tax Collector Dan McAllister says property taxes will set a record this year in spite of a slow-down in the number of new homes added to the rolls. KPBS reporter Alison St J

San Diego Treasurer: Property Taxes Will Mitigate Housing Slide

San Diego County Treasurer/Tax Collector Dan McAllister says property taxes will set a record this year in spite of a slow-down in the number of new homes added to the rolls. KPBS reporter Alison St John has more.

McAllister says only about 14,000 new residential property parcels were added to the tax rolls last year -- significantly smaller growth than in previous years. But he says growth in the commercial sector is staggering.

McAllister : We have had some significant transitions on the commercial side actually of our real estate portfolio in San Diego that I think is going to offset any downslide that we might have seen in the residential side.

For example, McAllister says the Irvine company just bought 21 sites in UTC for over a billion dollars -- doubling the assessed value.

San Diego County's total property tax value will top $4.3 billion, up from $3.9 billion last year. Almost half the money goes to local schools. The county gets to keep about 12 percent.

Alison St John, KPBS News.

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