Ventura County 2001-02 property valuations rise 8.7 percent

Rising property tax valuations mean an increase not only to property owners who shell it out, but the state, counties and cities that rack it in: about $609 million will be paid in property taxes in Ventura County this year, with about $109 million going into county government coffers. Lesser funds trickle down to cities which still benefit from the increase.Ventura County Assessor Dan Goodwin attributed this year?s increase to a combination of factors, especially new business property and new construction. Changes in property ownership lead to higher assessments, even Prop. 13 has a 2 percent increase built in; additionally, Prop. 8 - which allows the assessors office to restore property valuations previously deflated by depressed markets - is also adding revenue to the property tax base.Prop. 8 was used in record numbers in the early 1990s when property values plummeted: property owners are allowed to appeal their property taxes based on market value, and the early 1990s saw thousands of owners take advantage of Prop. 8 to lower their property tax. But, the real estate market - which boomed in the late 1980s before the bust a few years later - is again robust, allowing higher taxes to be implemented.