Politics & Government

Property Values Rise in San Mateo County

Menlo Park may receive more money as a result.

A rise in assessed property values means more money for local agencies, San Mateo County Assessor Mark Church said Friday.

Assessed property values for San Mateo County rose 1.12 percent to more than $142.5 billion for the 2011-2012 fiscal year, marking a return to positive, if "anemic," growth, said Church.

The value of all the properties are rolled into a number that takes into consideration the declines in property value, additions and removals of all property in the county as of January 1. It's referred to as a "property assessment roll."

Last year, the property assessment roll dropped for the first time in decades, falling 1.39 percent, or $2 billion, in assessed value.

This year's $1.5 billion increase, while small, is a return to positive growth driven largely by an increase in the consumer price index, Church said.

"While the real estate market continues to show signs of weakness, some areas are showing a slight increase in market value," Church said.

The increase means local agencies in the county such as schools, cities, and special districts that rely on property taxes for funding, will receive more revenue -- approximately $15 million more, or 1 percent of the total roll value, Church said.

The county's share will be around $3.3 million.

--Bay City News contributed to this report


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