For Immediate ReleaseJuly 11, 2022
Booming real estate sales and surging property values drive growth
San Rafael, CA – Robust real estate sales and new construction has pushed the total assessed value of Marin County property to a new all-time high. Marin's 2022 property assessment roll is $95.24 billion, a $5.8 billion (6.55%) increase from 2021. Marin County’s Assessor-Recorder-County Clerk (ARCC) Shelly Scott certified the 2022 roll, which represents property value assessments as of January 1, 2022.
The assessment roll is a record of all assessable property in Marin County including real estate, business, and personal property. The annual roll generates the property tax revenue that funds education, public safety, front-line health care workers, criminal justice, welfare, transportation, and many other city and county government services.
The 6.55% increase in assessment roll reflects the continuing upturn in the real estate market. The low interest rates of 2021, combined with high demand and low inventory for residential housing, pushed both sales volume and home prices. For example, the median price for a single-family home in Marin County crossed the $2 million threshold for the first time in history in April 2022.
“Current home prices are high and healthy,” Scott said. “Marin County's beauty and high quality of life have contributed to the consistent strength of our real estate market and continued assessment roll growth.”
Market changes from 2020 to 2021 illustrate the influence of the real estate market on assessment roll valuations:
Marin also saw a record number of residential sales, partly due to Proposition 19, which allows property owners aged 55 and older to transfer their assessable values to any property in California.
Home renovations and improvements also added to the rise in property value figures. Countywide, Marin saw an increase of over 12% in new construction permits.
Boat ownership also increased; a record number of boats moved to or were moored in Marin and were valued as part of the 2022 assessment roll. Boat values have risen as new production could not meet demand because of pandemic-related supply chain constraints.
Marin property owners have been notified by mail if the assessed value of their property changed other than the 2.0% capped California Consumer Price Index for 2022-2023. Value change may be due to new ownership, new construction, market rate fluctuation, or other reasons. Taxpayers should review their taxable values and follow up with the Assessor’s Office before tax bills are issued in the fall.
Staff members in the Assessor's Office are available to discuss the basis of a property assessment or answer assessment roll questions. Call (415) 473-7215 or visit the Assessor’s website.
Shelly ScottAssessor-Recorder-County ClerkCounty of Marin
Marin County Civic Center3501 Civic Center DriveSuite 208San Rafael, CA 94903(415) 473-7215Email: Shelly Scottwww.marincounty.org