Even as real estate values in Los Angeles continue to skyrocket this year, the assessed value of property in Napa County has gone up. Specifically, the value has jumped by a whopping $2.4 billion for the tax year of 2017 to 2018. Those interested in investing in commercial properties and offering commercial leases in this part of California are certainly happy to hear this news.
The $2.4 billion increase is the biggest in Napa County history. In fact, the county’s value went up more in a single year than the total value of the county’s property was 37 years ago. Right now, the county’s property is valued at more than $37 billion, versus a little over $2.3 billion in 1980.
The roll for 2017 to 2018 was up nearly 7 percent, reflecting significant nonresidential construction as well as rising residential values. Nonresidential new construction, in particular, added nearly $240 million in assessed value. This is the third-biggest increase since the year of 1990. All cities in Napa County showed assessed-value increases, with assessed values providing property tax revenue.
Those interested in purchasing commercial buildings and making commercial leases available to businesses in Los Angeles or other parts of the state of California, where property values are going strong, certainly have great potential for enjoying profits in the long run. However, navigating a transaction can be stressful and can end up being costly from a financial standpoint if not handled properly. An attorney can help ensure that one’s desires and best interests are upheld when engaged in real estate transactions in the Golden State.
Source: napavalleyregister.com, “Napa County’s property assessment roll soars to new heights“, July 18, 2017