SLO County property values rise 6 percent in past year

Property values in San Luis Obispo County are rising 6.1 percent this fiscal year — eclipsing last year’s valuation gain as well as this year’s statewide increase.

In a report released Monday by the California Board of Equalization, San Luis Obispo County’s total assessed valuation rose to $48.5 billion in the fiscal year 2015-16 ending June 30 from $45.7 billion in the year-earlier period.

Locally assessed properties in the county increased in value by 6.1 percent while state-assessed properties increased by 4.4 percent. Locally assessed properties include residential and commercial properties, while state-assessed properties include such properties as utilities and railroads.

“San Luis Obispo County’s growth in locally assessed property was especially strong,” said Board of Equalization member Fiona Ma. “This appears to reflect how the economy is coming back better than ever in California’s coastal communities.”

The growth in property values from the previous year was 5.5 percent.

The growth in San Luis Obispo County’s value mirrored the growth in value of the state’s other coastal counties. The assessed valuation in California’s 15 coastal counties, which accounts for more than 60 percent of total assessed valuation, gained 6.0 percent.

Valuations in the 43 inland counties rose 5.8 percent. Only two counties in the state — Kern and Mono counties — experienced a loss in value. Alameda County saw the largest percentage of growth at 7.8 percent.

This is the fifth consecutive year the total value of California’s county- and state-assessed properties has increased, fueled in large part by the recovery in the state’s housing market. For 2015-16, statewide values rose to $5.209 trillion, an increase of $289.9 billion (5.9 percent) from 2014-15.

This story was originally published December 14, 2015 at 5:18 PM with the headline "SLO County property values rise 6 percent in past year."