San Benito County’s net taxable value for the fiscal year came in at $6.3 billion, about $350 million shy of the benchmark seven years ago in the homestretch of the Great Recession, according to the recently-released Assessor’s Report.
The Great Recovery, though, continues building momentum: In one revolution of the county’s fiscal cycle, according to the 2014 annual report, the county regained almost a half-billion dollars in taxable value, significantly bolstered by residential growth.
Throughout the county, residential parcels in the 2014-2015 fiscal year expanded by 97 units and $403 million, lifting the total count to 14,300 homes valued at almost $4.3 billion. Land value jumped $192.8 million, or 8 percent, to nearly $2.6 billion; improvements increased about $255 million, or 7.8 percent, to $3.5 billion; and personal property climbed $33.2 million, or 10.8 percent, to a total of about $340.5 million.
“We experienced an increase of over $479 million in net assessed value for the 2014 assessment roll over the previous year, mainly due to rising property values and an upswing in new construction,” said San Benito County Assessor Tom Slavich in his message in the 2014 annual report. “The net assessment roll (excluding utilities) in 2014 increased 8.2 percent from the prior year as the residential real estate market shows signs of recovery.”
By telephone Wednesday, Slavich confirmed that the results of the 2014-2015 fiscal year cover taxable values as of Jan. 1, 2014. The findings, a snapshot of the county’s assessment picture and activity, offer statistics and visualizations, such as charts and graphs in color. The official document also provides details — including historical figures — on property types, cities and school districts, all of which posted gains.
The taxable values of Hollister and San Juan Bautista — the county’s incorporated cities — respectively grew 9.8 percent and 9 percent: While the former settled just short of $3 billion, the Mission City climbed slightly above $150 million.
Of the county’s 19,659 parcels reported in the assessment, 14.300 designate residential allocations, 4,510 reserve agricultural properties, 605 represent commercial spaces and 244 support industrial operations. Together, before exemptions, the parcels generated a taxable value of $6.1 billion.
“Our values are still recovering,” said Renee Kunz, the vice president and managing officer of Intero Real Estate Services Inc.’s local office, an affiliate of Berkshire Hathaway Inc. “Our county was definitely affected by the economic tsunami with regards to home values.”
Kunz added that she remains optimistic about real estate in general.
“Homeownership is still the American Dream,” said Kunz.
FISCAL YEAR……………………NET VALUE (in billions)
2005-2006…………………………$5.676B
2006-2007…………………………$6.254B
2007-2008…………………………$6.652B
2008-2009…………………………$6.579B
2009-2010…………………………$6.023B
2010-2011…………………………$5.712B
2011-2012…………………………$5.573B
2012-2013…………………………$5.478B
2013-2014…………………………$5.824B
2014-2015…………………………$6.303B