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Property Values Report: Lake Elsinore, Wildomar Still Lag Behind Neighboring Cities

Southwest Riverside County’s numbers appear strong compared to the rest of the county, but Lake Elsinore, Wildomar and surrounding unincorporated area still fall behind.

Today the Assessor-County Clerk-Recorder announced that for the first time in three years, property values in Riverside County are relatively stable compared to the previous year.

Overall, the value of assessed property in Riverside County declined by less than 1 percent for fiscal year 2012-13, a $299 million reduction in the countywide assessment roll.  The roll for the fiscal year that begins July 1 closed with a total taxable value of $204.8 billion, relatively unchanged from $205.1 billion a year ago.

While Southwest Riverside County’s numbers appear strong compared to the rest of the county, Lake Elsinore, Wildomar and surrounding unincorporated area still show a lag.

According to the Assessor-County Clerk-Recorder figures released today, Lake Elsinore’s net taxable property values decreased by 2.28 percent for fiscal year 2012-13 compared to the previous year. Wildomar saw a 2.59 percent decrease for the same period, and surrounding unincorporated area dipped 3.77 percent.

The cities of Hemet, Canyon Lake and Temecula were the only Southwest Riverside Counties to see increases; the cities of Murrieta and Menifee both saw decreases below 1 percent. (See attached charts.)

Unincorporated area within Temecula’s sphere of influence was the only local Southwest Riverside County unincorporated area that saw an increase in value.

Overall, the housing market’s modest rebound over the last six months helped stabilize property values, Assessor-County Clerk-Recorder Larry Ward said. Other stabilizing factors include the decline in foreclosure-related activity –- which has helped to substantiate property values –- as well as slightly increased values for commercial properties, specifically apartments and mega-warehouses, Ward said.   

No community had a change in value greater than 5 percent. The cities with the largest percentage increase are Eastvale at 3.29 percent and Indian Wells at 2.93 percent. Cities with the largest percentage decreases are Coachella and Desert Hot Springs, with decreases of 4.92 percent and 4.80 percent, respectively. 

Under state law, temporary assessment reductions may be made based on a property’s value on Jan. 1 of each year. 

Ward said his office continues to review individual properties for potential reductions in value, which can affect property taxes. The review is a critical process in completing the assessment roll.

Beginning July 15, Riverside County online at www.riversideacr.com.  Properties can be searched by address or parcel number.  Value-notice letters will not be mailed this year but owners without access to the Internet can call the Assessor’s office at (951) 955-6200 to obtain the information.

Applications are due by Sept. 4 and are available at www.riversideacr.com.

Property owners disputing the value set by the Assessor’s office can file an appeal with the Riverside County Clerk of the Board between July 2 and Nov. 30. An application for changed assessment (appeal) is available on the Clerk of the Board’s website at www.rivcocob.com.

For more information, visit www.riversideacr.com or call (951) 955-6200 or toll free (800) 746-1544.

Diana July 04, 2012 at 05:06 AM
look up Eric to Marthas post she will answer your question.
jodi pesicka July 04, 2012 at 06:21 AM
I moved to WIndmill farms in wildomar in the mid 80's when they were built. I moved here from Cypress. We have a half acre no sidewalks no streetlights and i love it! You can sit in your yard at night and actually see the stars. When we moved here there was less than 10,000 people, no mall in temecula, very few restaurants so i have seen growth. Some in our town some in surrounding areas. I moved here for the quiet life and personally do not want too much growth. I have a disabled daughter who is in a wheelchair and it would be nice to have sidewalks along the busier streets so could go for walks without fear of being ran over or bike lanes so i could pull her in her bike trailer but I knew this when i moved here. Why should we have to give up our quiet lives for people that move here and want all the amenities of the city. They should of bought in the city instead of trying to change a community. I know that some change needs to take place for the city to survive but I moved away from Orange County for a reason. I totally understand your frustration with the crime. I actually lived off mountain and lake street before i bought this house and I know how bad four corners area is but that is why we did not buy there.
Ken Mayes July 04, 2012 at 02:25 PM
Well said.
Martha L. Bridges July 04, 2012 at 04:11 PM
Yes, indeed, very well said Jodi. Many of us moved out here to Wildomar years ago knowing that there were few amenities, including stores, shopping centers, and services. We were willing to do without these things in our local community in exchange for the semi-rual environment, the peace and quiet and the feeling of connectivity that cames with a small community. Certainly some development has been welcomed by most people, but the current city council and their ever-so-friendly developers want to change Wildomar into something it was never intended to be - a gold mine of poor, rapid development to provide the profits they all have their hearts set on making. One of my chief concerns is that along with incorproation came a group of investors and developers who wanted to convert Wildomar to something similar to what they had left behind in Orange County, San Diego or Los Angeles. You know, the very things that we wanted to escape from having to contend with...
Ken Mayes July 04, 2012 at 07:08 PM
Think closer to home Martha. Temecula and Murrieta are traffic nightmares for large parts of the day with Lake Elsinore and Wildomar close behind. Crime is also on the increase in both Temecula and Murrieta as the towns age. Sure they have parks and sidewalks but they also have ever increasing taxes and fees to pay for them. The people that complain about the lack of these services locally chose to move here because they did not want to pay the high prices of homes, taxes and fees figuring they would just magically appear for free if they complain loud enough.

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