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2017 State of Orange County Real Estate

On Thursday, August 24, the Orange County Property Appraiser’s office (OCPA) hosted the 2017 State of Orange County Real Estate. Started in 2014, the State of Orange County Real Estate (SOCRE) allows the office to educate residents on the worth of the county’s tax roll, new data on demographics such as household income and population, the market value of each taxing municipality in Orange County, and more.

During the event, Rick Singh highlighted services the office offers that taxpayers may take advantage of, such as homestead exemptions and understanding your TRIM (Truth-in-Millage) notice.

Orange County Property Appraiser Rick Singh noted in his presentation that Orange County’s market value has reached a historic high of $172.6 billion, up from a low of $110.9 billion in 2011. The total number of parcels is over 450,000, and the total commercial value of the county is up to $78.4 billion. The county’s commercial property value accounts for 45% of the entire tax base.

This reveal is important to the community as the tax roll allows the county’s 13 municipalities to set budgets and millage rates for the next fiscal year. Those in attendance were also given a glance at important statistics related to growth and home values. Foreclosures in Orange County reached a high of 11,500 in 2010 during the recession, and have since tumbled to a low of just 1,005.

Home sales priced $500,000 and above are trending upward and projected to reach over 2,000 sold by the end of the year. New construction stands at $3.1 billion for the year, and there were 5,475 new single-family homes built in the last year.

These trends show that Orange County’s economy has recovered from the recession of 2008 and continuing to rise.

After his presentation, Singh said that it is important for county residents to hear about the growth that’s happening in the county, and how it relates to them.

“The market value of $172.6 billion is big and shows the tremendous amount of growth we’re witnessing in Orange County; it also displays the force of our tax dollars. Infrastructure, schools, vital services needed to keep the county running all relate back to that number.”

“It is so vital that we educate our residents on the services available to them through my office. From homestead exemptions to TRIM notices, we offer an array of services that benefit home and business owners. We’re able to showcase that here as well.”

Close to 1,000 people were in attendance for last night’s event.

To view the 2017 State of Orange County Real Estate presentation, please click here.