County logs big assessment bump

The assessed worth of homes in Marin grew 6.5% in 2021, offering good information for community funds managers.

Marin’s property assessment roll stood at $95.24 billion on Jan. 1, up from $89.38 billion a year previously, the county introduced this month right after the roll was accredited. The assessment roll is utilised in calculating the amount of property tax Marin residents pay.

A larger sized assessment roll indicates far more tax revenue for county governing administration, nearby college districts and distinctive districts, which all receive a share of the proceeds. County federal government relies on assets tax to gasoline about 40% of its standard fund budget.

Less than Proposition 13, home tax boosts in California are limited to an annual inflation element of no much more than 2% unless the house is sold.

Marin County Assessor-Recorder-County Clerk Shelly Scott stated the boost in the evaluation roll mirrored Marin’s booming genuine estate industry in 2021.

“The small interest premiums of 2021, combined with high desire and low inventory for residential housing, pushed the two product sales volume and house prices,” Scott said.

She mentioned that the median price tag for a detached residence in Marin County crossed the $2 million threshold for the initial time in April of this yr.

A whole of 3,915 household residences had been marketed in Marin last yr, additional than a 20% enhance more than the 3,251 households sold in 2020.

Sales of condos and townhomes elevated the most, escalating from 652 in 2020 to 970 past 12 months, an boost of practically 49%. The median sale price tag of condos and townhomes in Marin rose to $750,000 past yr, up much more than 7% from $700,000 in 2020.

A full of 2,945 detached houses were being marketed in Marin previous calendar year, an improve of much more than 13% from 2,599 solitary-loved ones properties in 2020. The median sale cost of detached residences in Marin grew to $1.65 million final yr, an boost of approximately 14% from $1.45 million the prior calendar year.

Scott has mentioned that some of the demand for household property in Marin might have been pushed by the COVID-19 pandemic, with far more purchasers functioning much more house looking for bigger dwelling spaces.

Scott reported a different component resulting in bigger sales past yr was the passage of Proposition 19 in 2020.

Prop. 19 elevated the portability of Proposition 13 property tax protections for householders who are 55 or more mature. The evaluate permits up to three moves in a life time and areas no constraints on the place the new residence is positioned.

Prop. 19 also altered the taxation of relatives-property transfers. As an alternative of getting excluded from reassessment, youngsters who inherit a home or other residence will acquire a new tax bill centered on a latest market-price evaluation, until they make the house their primary home.

Formerly, under Prop. 13, the will increase in assessed worth have been capped at a most of 2% for every year in this sort of conditions.

House renovations and improvements also additional to the rise in residence value figures. Countywide, Marin had an maximize of about 12% in new construction permits.

Scott explained that boat ownership increased as nicely in 2021. A history range of boats moved to or had been moored in Marin and had been valued as aspect of the assessment roll. Boat values have risen because new output could not retain tempo with demand from customers owing to pandemic-related supply chain constraints.

All through spending plan hearings in June, Josh Swedberg, the interim spending plan supervisor, instructed the Board of Supervisors that the county envisioned a 6.5% boost in the house assessment roll for the 2022-23 fiscal year.

“This is a significant adjust, a sizeable enhancement to our finances,” Swedberg claimed.

More than the last 20 yrs, the enhance in Marin’s residence assessment roll has averaged about 5%. The price of the assessment roll decreased radically during the Excellent Economic downturn. Growth in price of the roll then recovered, publishing a new high of 7% in fiscal 2015-16 before falling to 3.95% in fiscal 2021-22 during the pandemic.

Swedberg advised supervisors that he expects growth in the evaluation roll to reduce over the subsequent calendar year or so.

Patti Cohn, a Marin genuine estate agent with Compass, said Marin’s household market place has cooled significantly considering the fact that peaking in April.

“The amount of sales calendar year about 12 months is at present down 17%,” Cohn mentioned. “It is a quite distinctive market than it was in April.”

Cohn explained some of the slowdown in revenue could be attributable to a summer time lull.