SAN DIEGO (CNS) - The combined value of the nearly 994,000 taxable properties in the San Diego region is $512.3 billion, about $29 billion more than last year, county Assessor/Recorder/Clerk Ernest Dronenburg Jr. announced today.

He cited a slow, steady growth in the area's real estate market for the climb. The total assessed value in the county has risen five years in a row.

The net taxable value -- the total minus certain exemptions for homeowners, disabled veterans and charitable organizations -- is $492.1 billion.

"The real estate market and median home prices have been steadily increasing in the range of 5-6 percent annually for a number of years," Dronenburg said.

"This consistent growth is sustainable and will likely continue into the near future," he said. "While the total assessed value for the county increased by over 6 percent, 81 percent of taxpayers will see an increase of

only 2 percent due to the protections offered by Proposition 13."

He said his office has conducted more reassessments of properties because of a change of ownership or construction than in any time in the last eight years.

Dronenburg also said home builders are becoming more active, creating nearly 4,000 subdivision lots last year. This is the first step in the development process and represented a 230 percent increase over 2015, he said.

According to county data, the 2017 assessment roll consists of 993,821 real estate parcels; 57,971 businesses; 12,651 boats; and 1,636 aircraft.

The largest percentage increase was in National City, where total taxable property value rose to $4 billion this year, an 8.5 percent increase from last year's figures.

The largest dollar increase was in the city of San Diego, where total taxable property value reached $245.5 billion, $14.5 billion more than in 2016.

