Assessed home values in Menlo Park increase in 2020
San Mateo County Assessor-County Clerk-Recorder Mark Church recently announced the county’s Property Assessment Roll increased year-over-year by $10.6 billion, or 4.16%, to a record high of over $265.8 billion in assessed value.
“2020 marked another year of roll growth for San Mateo County,” said Church. “This year’s increase was largely due to record-setting single-family home values driven by strong demand for homes during the pandemic. Increased residential values were the surprise of 2020 given that the county was under Shelter-In-Place mandates for much of the year due to the ongoing COVID-19 pandemic.”
The 2021-22 Property Assessment Roll reflects overall growth throughout the County. Total assessed values increased in all 20 cities and unincorporated areas, with increases ranging from 1.73% to as high as 7.43%, and an overall increase of 4.16%. The County’s unincorporated areas, which include San Francisco International Airport (SFO), experienced a negative growth rate of -0.85%; primarily due to reductions in commercial aircraft assessments.
The top 5 cities with the highest percentage growth in Assessed Value are:
- San Carlos (+7.43%)
- Menlo Park (+7.29%)
- Brisbane (+6.63%)
- South San Francisco (+6.28%)
- Atherton (+5.68%)
The top 5 cities with the highest dollar growth in Assessed Value are:
- Menlo Park – $1.65 Billion
- South San Francisco – $1.45 Billion
- San Mateo – $1.08 Billion
- San Carlos – $0.95 Billion
- Redwood City – $0.79 Billion
The assessed value increases in these five cities total over 56% of the roll increase for the 2021-2022 Roll. The shared property tax funding base is approximately 1% of the county’s Property Assessment Roll and will thus increase to $2.66 billion. Approximately 45% of revenue is allocated to schools within the county, 25% to the County, 18% to cities, 10% to special districts, and 2% to former redevelopment agencies.
Top 5 Cities for New Commercial Development. The following cities have the greatest amount of major development, consisting of projects that are 80,000 square feet or more, that are pending, approved, or under construction:
- Redwood City – 15.6 million square feet
- Menlo Park – 11.4 million square feet
- South San Francisco – 9.2 million square feet
- Brisbane – 8.2 million square feet
- San Mateo – 4.8 million square feet
The five-bedroom, four 1/2-bath Menlo Park house pictured is listed for sale on realtor Judy Citron’s website for $4,627,000