Revenue climbs amid downtown real estate downturn and record high 20,000+ disabled veterans qualified for $35 million in property tax savings!

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San Diego, CA — San Diego County Assessor Jordan Z. Marks has certified the 2025 gross assessed value roll of all taxable property at a record-setting $806 billion, marking a 4.95% increase (or $38 billion) over the previous year. The 2025 assessment roll reflected unprecedented property tax savings of over $322 million for San Diego homeowners, disabled veterans, small businesses, affordable and homeless housing projects, and charitable organizations. This is the 13^th straight year the San Diego County Assessor’s Office has delivered record-high revenue for key government services and record-high property tax savings, making San Diego more affordable to live and thrive.

San Diego County is the fifth largest assessment jurisdiction in the United States, with 1,020,253 taxable real estate parcels, 55,478 business personal property accounts, 15,162 boats, and 1,562 aircraft. The tax roll’s net assessed value is $773.9 billion after deducting $32.2 billion for taxpayer savings.  This will result in approximately $7.73 billion in property tax revenue to support key county, city, school, fire, water, and other special district services, an increase of $358.7 million from last year.  

Assessor Jordan Marks noted, “My office delivered a record-high $322 million in property tax savings for San Diegans thanks to our proactive efforts, which included our focused effort qualifying over 20,000 disabled veteran homeowners to receive $35 million in property tax savings for 2025.”
Marks continued, “My office is number one in the State of California for serving disabled veterans with property tax relief due to our innovative and award-winning outreach programs and public-private partnership with organizations like the Pacific Southwest Association of REALTORS ®.” Marks concluded, “My Assessor team’s award-winning proactive outreach has delivered more housing affordability for San Diegans than ever before, especially record-high property tax savings of $66.9 million.”

Prop 13 protected 92% or 945,302 San Diego properties by limiting their property taxes to a 2% assessed value increase – in accordance with California’s landmark legislation that limits property tax increases while providing a stable and key source of revenue for local governments.

Marks said, “Thanks to Proposition 13, no homeowner should lose their home due to unaffordable property taxes and our local government agencies are receiving a stable and reliable record high revenue funding for the 13th straight year.” 

Despite a 23% drop in home sales, the lowest volume since 2007, San Diego’s low housing inventory has helped sustain strong home prices, with the median price for detached homes down slightly to $989,000. While residential change-in-ownership reassessments increased by an average of 8.86% and commercial reassessments dropped by 40.66%, the application of Proposition 13’s 2% Consumer Price Index cap protected over 92% of properties, contributing a record $14.1 billion to the 2025-26 assessment roll.

Additionally, there were over 17,500 Proposition 8 reductions, in which tax relief was provided due to a temporary drop in property market values. As market values rebounded in the residential market, those temporary reductions were restored, adding another $14.1 billion of assessed value to the roll.

The total number of active business accounts in 2025 is 55,478, representing a 2.5% decrease, or a loss of 1,361 business accounts from 2024. Commercial parcels represented 3% of the total parcel counts and accounted for 13% of the total roll assessed value. Downtown office properties saw significant reductions due to high vacancy rates hovering around 35%, and a downturn in the value of office market space. Despite major reductions in the downtown market, the impact on the assessment roll was minimal, as this subset represents only 1.9% of the total roll value.

“The 2025 tax roll shows that San Diego County is the gold standard in fairness, transparency, and putting taxpayers first based on having received a 98.5% positive customer service rating from our customers.” Marks concluded, “My extraordinary San Diego Assessor team demonstrated leadership meeting our commitment to closing the tax roll complete and on time. If we don’t close the tax roll on time, then county services will be interrupted, taxpayers impacted, and we will see a cascading effect that would impact revenues for public safety, schools, libraries, parks, and key government services.”

Key Highlights from the 2025 Assessment Roll

• Assessed property values hit a record high of $806 billion (an increase of $38 billion or 4.95%.
• Record high 20,280 disabled veterans/surviving spouse homeowners were qualified for $35 million in property tax savings. San Diego County Assessor is the #1 Assessor office in the State of California in qualifying disabled veterans and their families for property tax relief.
• San Diego County is the fifth largest assessment jurisdiction in the USA with 1,020,253 taxable real estate parcels.
• Prop 13 protection applied to 92% or 945,302 properties, limiting property tax increase to 2%.
• $322 million (record high) property tax savings for San Diegans, including homeowners, disabled veterans, non-profits, affordable housing, and homeless service providers.
• $31.8 million in property tax savings for 455,621 homeowners using the Homeowners’ Exemption.
• The highest assessed value growth rate at 6.72% was the City of Poway.
• The lowest assessed value growth rate at 4.03% was the City of Escondido.
• The largest assessed value increase by dollar amount was $17.1 billion for the City of San Diego.

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Jordan Marks was elected San Diego County Assessor/Recorder/County Clerk in 2022 to oversee the fifth largest Assessor jurisdiction in the United States. The office oversees assessing the value of real estate and personal property, which includes aircraft and boats. Marks has ushered in award-winning community outreach and education programs that have resulted in record-high property tax relief saving millions for veterans, homeowners, and seniors. He has modernized systems adding more online services and reducing paper waste. Marks was awarded the 2024 San Diego County Taxpayer Watchdog award for saving taxpayers millions of dollars in property taxes. Marks is a California Certified Property Tax Appraiser, a California licensed attorney, and a certified cybersecurity executive from the University of San Diego.

SUMMARY OF TOTAL ASSESSED VALUE (GROSS) BY CITY

NOTE: The values above are Gross Assessed Values. They do not include deductions for Exemptions.