The county Assessor delivered the bad news Tuesday -- the value of all taxable property has dropped nearly $9.5 billion.
That includes homes, businesses, boats and aircraft, everything that owed property taxes in San Diego County. That's a drop of 2.3 percent.
Now when it comes to our homes, the assessor reviewed nearly 225,000 homes. Of those homes, the average drop for a single family home was more than $100,000. That means an average savings in property taxes for homeowners of more than $1100 and $785 for condo owners.
Again, this is just for homes that dropped in value.(216,000 properties all together). The biggest drops in value hit the communities of Chula Vista, Lemon Grove, Escondido, San Marcos and Oceanside. These cities saw property values drop at least five percent.
There were some areas, however, where property value actually went up. Those homes are in Del Mar, Coronado, Solana Beach, Poway and Encinitas.
Homeowners who had their assessments reduced will get a notice in the mail by mid-July.