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June 3, 2008

 

Daily Journal Staff Report

 

 

Tax roll shows healthy economy

 

 

In light of national economic trouble, San Mateo County property roll increased by 8.17 percent, representing an increase of $10.7 billion, according to a statement released Monday by the San Mateo County Assessor’s Office.

 

There has been an increase of trustee sales — or foreclosures — in the county, particularly in the cities of Daly City, South San Francisco and East Palo Alto. The office has been deluged with requests for decline in value reviews to be conducted on behalf of individual homeowners. Meanwhile, the real estate market continues to cool. However, when compared to other counties, San Mateo County is pretty healthy, according to the press release.

 

“San Mateo County is home to a diverse economy that is evidenced by the burgeoning presence of biotechnology, the emerging new cable industry, the service industries that cluster around the airport combined with an unusual mix of agriculture,” County Assessor Warren Slocum said in the statement.

 

The $10.7 billion will generate approximately $100 million in increased property tax revenues for schools, the county, cities and special districts,” Slocum said in the statement. “Unfortunately, a recent court ruling on the multi-year Genentech assessment appeal may nullify much of this gain.”

 

The total tax roll is valued at $141.9 billion, according to the press release.