Assessed property values increase

Rising home values and a continued surge in construction activity have meant another banner year for Placer County's property assessment rolls.The Placer County Assessor's Office released figures for this year's assessment roll that show total assessed values reaching $52.3 billion for all of Placer County a 16.5 percent increase over 2005's $44.9 billion.The yearly assessment also reveals a marked jump in the number of single-family homes valued at $1 million or more in Placer County. The total has now reached 2,142 up 653, or 44 percent, from last year.County Assessor Bruce Dear said Thursday that the $7.4 billion increase in assessed values is the seventh consecutive double-digit jump but that he doesn't expect the string to be continued when new numbers are released at this time next year.Two factors a larger valuation base and a softening in demand for housing have combined to slow resale activity, Dear said."As the base grows, to have a comparable value increase, it takes more activity," Dear said. "The base has grown so much that the return to a less-heated marketplace will mean it would be surprising if Placer County assessment growth reached double digits."Interest rate hikes have been a major factor in a softening in the home resale market, he said.Lincoln led Placer County jurisdictions with a 36 percent increase in net assessed value jumping from $4.3 billion to $5.9 billion. Loomis also witnessed a big jump, rising 19.21 percent from $649 million to $774 million.Colfax had the lowest increase 7.7 percent, from $159 million to $171 million.Auburn's increase was 11.9 percent rising from $1.44 million to $1.62 billion.Unincorporated areas of the county including Tahoe, Granite Bay, Meadow Vista and Auburn environs were the largest contributors to the stock of $1 million-plus homes. The unincorporated area accounted for 1,937 of them.Lincoln led the incorporated areas this year, with 78 homes on the assessment roll worth more than $1 million. The city had three last year. Rocklin had 58 homes, Loomis had 37, Roseville counted 23 and Auburn had 9. Dear said many more properties could be worth more than $1 million but are still assessed at their base value when they were initially bought, plus a small annual increase.The annual property assessment roll generates the property tax revenue that is used to fund education, criminal justice and other city and county government services.Notices are being mailed this week and next to all business property owners and some homeowners, based on possible changes of status that may have had an impact on their real estate.Gus Thomson can be reached at gust@goldcountrymedia.com.