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In yet another sign that our local real estate market is continuing to recover, this fiscal year’s assessment roll shows Napa County property values increasing by 5.34 percent, or $1.5 billion.
The Napa Valley Register reports that the increase is the first time in six years Napa County property values have surpassed 2 percent growth. The last fiscal year’s roll experienced gains in the NapaValley real estate industry of only two percent. There are several factors that came together to create the $1.5 billion increase in value. One is Proposition 13’s two percent inflationary adjustment that’s tied to increases in the cost of living. Another is the 18 percent, or $275 million, attributed to an upward adjustment for some decline-in-value properties. Older Prop 13 base home sales and new construction round out the remainder of the increased value.
Here’s how our local jurisdictions break down:
• 5.13 percent increase for unincorporated Napa County.
• An increase of 4.98 percent in assessed value for American Canyon.
• A 2.97 percent increase in Calistoga, following a 1.4 percent gain last year.
• A rise of 5.2 percent in Napa, after experiencing only a 1.1 percent increase last year.
• A significant jump for St. Helena properties of 9.61 percent compared to 2.3 percent last year.
• An increase in Yountville of 3.59 percent, following last year’s increase of 1.78 percent.
If you are looking to buy or sell a real estate in Napa Valley or Sonoma Valley, give me a call at 707-963-9195.