San Mateo County’s Assessed Property Value Swells To $288B

SAN MATEO COUNTY, CA — San Mateo County’s assessed property value swelled to record high of over $288 billion year-over-year, officials announced earlier this month in a news release.

The county’s assessed wealth last year grew by $22.2 billion, an 8.34 percent over the previous year.

The county’s assessment roll has increased for a 12th consecutive year, growing by $145.5 billion over that period.

“2021 marked yet another record year of Roll growth for San Mateo County,” San Mateo County Assessor Mark Church said in a statement.

“Similar to 2020, this year’s increase was again largely due to record-setting single family home values driven by strong demand for homes that continued as we came out of the pandemic. Moreover, commercial values have also recovered significantly and contributed to the increase.”

The secured portion of the assessment roll, which is approximately 96.3 percent of the total roll that primarily consists of real property saw its value rise 8.37 percent.

The unsecured portion of the roll – which includes business assets such as commercial airline property at SFO – that makes up the remaining 3.7 percent of the roll increased in value by 7.36 percent.

“The growth rate in sales for single family homes again saw a substantial increase of 34.4 percent, making 2021 another year of strong growth for residential properties, with a strong rebound of 54.4 percent growth in the condominium and townhome segment of the market,” Church said.

“Residential properties contributed over $13 billion to the 2022-23 Assessment Roll increase.”

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