For Immediate ReleaseJune 29, 2023
Local real estate holds value despite lower sales inventory
San Rafael, CA –The 2023 property assessment roll for Marin County is $101.27 billion, a $6 billion (6.34%) increase from 2022. Marin County’s Office of the Assessor-Recorder-County Clerk (ARCC) certified the 2023 roll, which represents property value assessments as of January 1, 2023.
The assessment roll is an annual valuation of residential and commercial real estate, manufactured homes, floating homes, boats, aircraft, personal property and business equipment. The assessment roll generates the property tax revenue that funds essential services. The revenue supports services like education, public health, law enforcement, fire protection, and transportation.
The 6.34% increase in assessment roll is slightly less than the 6.55% increase recorded in 2022. A major contributor was a decrease in real estate transactions due to rising interest rates. The number of residential sale transactions from 2021 to 2022 decreased by approximately 24%. Marin's real estate values in the beginning of the year appeared sluggish but closed out the fiscal year with noticeable stability.
“Marin’s home values continue to be healthy,” said Shelly Scott, Marin County Assessor-Recorder-County Clerk. “While we saw a small drop in values, the limited inventory ensured Marin did not experience the drops seen in past recessions. Plus, Marin County’s beauty and high quality of life are highly desirable community characteristics that help local real estate hold its value better than other areas of the state.”
Marin property owners were notified by mail if the assessed value of their property changed other than the 2.0% cap on the California Consumer Price Index for 2023-2024. Value change may be due to new ownership, new construction, market rate fluctuation, or other reason. Taxpayers should review their taxable values and follow-up with the Assessor before tax bills are issued in the fall.
Some properties whose values were temporarily reduced during the pandemic may see restored Proposition 13 values and increased tax bills. The commercial property values are also monitored as businesses in the commercial sector continue to recover from the pandemic.
The Assessor's Office is available to discuss the basis of a property assessment or answer assessment roll questions. Call (415) 473-7215 or visit the Assessor’s Understanding Assessments webpage to learn how assessments can change from one year to the next.
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