Private property values — residential, commercial and everything else — collectively increased 8.9 percent, from $15.7 billion in 2013 to a projected $17.1 billion in 2014, Chief Appraiser David Valle said. Real estate development and redevelopment — 1,794 new single-family homes and 60 new commercial buildings — accounts for about 40 percent of anticipated increases, roughly $550 million, Valle said.
New apartments hitting tax rolls this year helped push the countywide value of multi-family properties above $1 billion for the first time, up from $805 million a year ago. In addition, with generally robust occupancy rates resulting in virtual across-the-board increases in the appraised values of existing apartments, the multi-family real estate sector saw a 32 percent jump in preliminary valuations, by far the largest relative increase of any property type.
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