Marin's Assessed Property Value Explodes To $95 Billion

MARIN COUNTY, CA — A red-hot real estate market has helped fuel a $5.8 billion surge in Marin’s assessed property value in 2021.

The total assessed value of Marin County property rose to $95.24 billion after experiencing a 6.55 percent spike last year, county officials said.

Marin County’s Assessor-Recorder-County Clerk Shelly Scott certified the 2022 roll, which represents property value assessments as of Jan. 1 of this year.

The assessment roll is a record of all assessable Marin County property including real estate, business and personal property.

The total assessed property value of one of the nation's wealthiest counties is greater than the projected 2022 Gross Domestic Product of at least 140 nations including Guatemala ($91 billion), Bulgaria ($89.5 billion) and Luxembourg ($86.9 billion).

The annual assessment 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 percent increase in assessment roll reflects the continuing upturn in the real estate market, county officials said, noting low-interest rates, combined with high demand and low inventory for residential housing, pushed sales volume and home prices, county officials said.

The median price for a single-family home in Marin County crossed the $2 million threshold for the first time in history in April.

“Current home prices are high and healthy,” Scott said in a statement.

“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.”

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 percent 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.