Decline in Contra Costa County Property Values

The countywide decline in assessed property values continued this year, with an overall decrease of $700 million in the local tax base, according to the Contra Costa County Assessor Gus Kramer.

The decrease accounts for a 0.49 percent loss in assessed value for the county.

Walnut Creek saw a drop of 2.15 percent, a third year of decline. The first was in 2009 with a 1.13 percent decrease in assessed property value, and then 0.83 for 2010.

Assistant county assessor, Louis Rivara, said the assessed value is calculated based on the value of the property that the owner pays taxes on, as opposed to what the property would be sold for.

Cindy Mosser, finance manager for the city of Walnut Creek, said she has not received official notice of the decrease.

Mosser said a decrease of 2 percent in the assessed property value would equate to a loss of approximately $300,000 in revenue for the city.

The proposed budget of $64.4 million for the general fund is scheduled to be voted by the City Council on Tuesday.

Mosser said that although $300,000 is a small percentage of $64.4 million, every loss hurts.

“It’s not good,” Mosser said. “We’re kinda just getting the budget out, so it doesn’t have the decline in property at the time.”

Mosser said no programs or jobs would be affected by the revenue loss.

“Expenditures are kinda holding their own right now,” she said. “Like any other city, we’re trying to make ends meet.”

The city with the largest loss in assessed value is Antioch with a decrease of 7.14 percent. Other cities with significant decreases are Brentwood with 4.46 percent and Oakley with 3.88 percent.

Only three cities in the county had increases in their assessed values, San Ramon with 1.08 percent, Richmond at 5.56 percent and Moraga with 0.53 percent.