Report: Menifee Property Tax Revenue Increases 13 Percent

News release from the City of Menifee:

MENIFEE -- The assessed value of 2013 property taxes in Menifee increased by more than
13 percent over 2012 revenues, according to the Riverside County Assessor. Menifee’s is the fourth highest property tax revenue increase in Riverside County behind Beaumont, Eastvale and Wildomar.

Overall, 2013 property tax revenues throughout Riverside County increased by 7.74 percent, the largest percentage increase since 2007. Property tax revenues in Riverside County’s fifth district, which includes Menifee, increased by nearly 10 percent.

The main reason for the increase is the “year-over-year growth in the average sales price of single family homes in Riverside County,” according to the County Assessor’s office. The median sales price of a home in Riverside County increased 24 percent from $210,000 to $260,000 in 2013 based on Data Quick information included in the Assessor’s news release. In Menifee, the median sales price for a home from May to July, 2014, was $286,000, according to the real estate website Trulia.com.

“This is great economic news for Menifee and our region as a whole,” said City Manager Rob Johnson.

For more information, visit www.riversideacr.com.