IRVINE, Calif. (July 30, 2018): Irvine property values have soared in the past year, leading all other Orange County cities in percent increase at 9.43%, according to the Office of the Assessor’s preliminary assessments for 2018-19.
“The robust increase shows the continued strength of our master-planned City,” said Irvine Mayor Donald P. Wagner. “People want to live here because they want what we offer – the nation’s leading public safety; world-class public schools; vigorous conservative fiscal management; an unparalleled park system; robust job opportunities; and a renewed commitment to the Master Plan that protects our quality of life.”
The 2018-19 Preliminary Assessment Roll, required by state law, shows an overall property value increase countywide of 6.23% from last year’s comparable value.
The City of Irvine’s latest assessed property value of $78.4 billion is also the highest number among all Orange County cities. Property value affects property tax, which, along with sales tax and hotel tax, is a major revenue source for the City. This fiscal year, the three represent 75.6% of the fiscal year’s $199.8 million budget.