Irvine Leads County in Property Value Increase
Friday, July 27, 2018
Irvine property values have soared in the past year, leading all other Orange County cities in percent increase at 9.43 percent, according to the Office of the Assessor’s preliminary assessments for 2018-2019.
“The robust increase shows the continued strength of our master-planned city,” said Irvine MayorDonald P. Wagner. “People want to live here because they want what we offer – the nation’s leading public safety; world-class public schools; vigorous conservative fiscal management; an unparalleled park system; robust job opportunities; and a renewed commitment to the Master Plan that protects our quality of life.”
The 2018-2019 Preliminary Assessment Roll, required by state law, shows an overall property value increase countywide of 6.23 percent from last year’s comparable value.
The City of Irvine’s latest assessed property value of $78.4 billion is also the highest number among all Orange County cities. Property value affects property tax, which, along with sales tax and hotel tax, is a major revenue source for the city. This fiscal year, the three represent 75.6 percent of the fiscal year’s $199.8 million budget.
For the Assessor’s news website, go to ocgov.com/gov/assessor/news.
Category: Chamber News, Community News, Partner News