2024 SLO County Assessor’s Report
The San Luis Obispo County Assessors office just released their 2024 Annual report, showing 5.03% growth in the assessment roll representing a moderate increase in value. Residential properties remain in short supply, and high interest rates slowed the pace of home sales. Given these conditions, there were fewer reappraisable changes in ownership than in prior years. New construction slowed substantially during the past year. A decrease in construction permits resulted in less new construction value being added to the assessment roll. Due to the passage of Proposition 19, our county continues to see an influx of owners transferring their base values to San Luis Obispo County. All of this contributed to moderate property value increases recorded by my office. The annual assessment roll growth of 5.03% reflects the easing of home prices, an increase in the value of business properties, and the continued effects of high inflation. For 2024 the total assessed value of all property is $74,758,605,728. Exemptions provided under the law totaled more than $1.8 billion.
For more than forty years, property taxes in California have been governed by the provisions of Proposition 13. All property types are currently treated equally under Proposition 13, which was the result of a taxpayer revolt against rapidly increasing property taxes in California. Proposition 13 continues to limit increases in the Assessment roll for SLO County as property tax increases of 2% generally come in under the California CPI index.
Reviewing homeowner exemption filings, we can see the difference in permanent residents within SLO County communities. For example, Arroyo Grande, Atascadero and Los Osos have high percentages of homeowners, with each community registering more 52% of properties being on homeowner exemption list. Compare this to Cayucos (23%), Pismo Beach (34%), Oceano (31%) or San Luis Obispo (45%) which have many less residents occupying their homes as a primary residence.
Read the full report here.