2009 - Annual Report
During the past year, the residents of Riverside County have seen the profound impact of the real estate crisis on both the value of their homes as well as the fiscal impact on Riverside County and the local municipalities who depend upon property tax as a revenue source. This year’s roll reduction of 10.51% was the largest decrease in the history of our county and the over $25 billion net decrease in the assessment roll value was by far the largest decrease in the state. This year’s roll reduction reflects the fact that Riverside County continues to be among the leaders nationwide in foreclosure’s, REO’s (bank owned sales) and distressed sales and that new residential, commercial, and industrial construction has almost come to a standstill.
Again this year we took an independent and proactive approach to temporary value declines under Proposition 8. Through the hard work of our dedicated staff we reviewed over 370,000 single family residences, condominiums, and manufactured homes that sold after January 1, 2001. Of that total, we reduced over 300,000 properties. Our review of home values, based on comparable sales, resulted in an average reduction of $144,000 for single family homes and $111,000 for condominiums. The average tax saving on these reduced properties will be about $1,600 for single-family residences and $1,300 for condominiums, from their peak two years ago.
While the experts continue to tout the long-term positive prospects for the Riverside County real estate market, we continue to face short term challenges and uncertainty. While there are signs the residential market is beginning to level out, there is serious concern about what lies ahead in the commercial and industrial market.
During 2008 our office recorded over 682,000 documents, a 12% reduction from 2007 and substantially down from our high of 1.1 million in 2005. During the same period, the documentary transfer tax collected on the sales of property declined from a high of $35.1 million in FY 2005/06 to this year’s total of $10.6 million.
Public service is the number one priority for the office. In these challenging times, the public has the right to expect our office to be fair, efficient, and responsive. Whether it is discussing a Proposition 8 value reduction with a homeowner, issuing a passport or marriage license, timely recording a grant deed, or fielding one of our nearly half-million customer contacts, our goal is to provide all of our customers with an excellent customer service experience.
Public outreach has been a priority during the past year. We have participated in town hall meetings, foreclosure seminars, home shows, and other community events with the goal of getting the word out on our proactive approach to dealing with the real estate crisis. This is especially critical during a time when there are private firms charging homeowners hundreds of dollars to file a one page form requesting a property valuation review, often after we have already made a reduction.
Looking to the year ahead, we are working on a number of projects that will allow staff to be more productive and efficient along with providing us better tools to serve our Riverside County customers. New and ongoing projects include: electronic recording of title company documents; conversion of official records and vital records from microfilm to a digital copy; the ongoing development of a new property tax system (CREST); continuous improvement to our website; and enhancements to our valuation systems for residential and commercial appeals along with additional refinements to our Proposition 8 mass appraisal program.
I would like to commend the almost 400 men and women of the Assessor-County Clerk-Recorder for the excellent job they have done this year under difficult circumstances. Faced with staffing reductions and an ever increasing workload they have met the challenges and provided the citizens of our county with excellent service and professionalism along with the highest degree of courtesy and respect.
I want to thank the Riverside County Board of Supervisors, Chief Executive Officer Bill Luna and staff for their ongoing support of our office. In addition, I am pleased to acknowledge the efforts of my colleagues, Auditor-Controller Robert Byrd, and Treasurer-Tax Collector Don Kent for their assistance as we work together to meet the needs of the public that we proudly service.
For the better part of this decade, Riverside County was one of the fastest growing counties in the country. The dynamics that helped fuel that growth - abundant land, affordable housing, great weather, and quality of life - are all reasons for a sense of optimism for the future.
Larry W. Ward
Assessor-County Clerk-Recorder
| 
