San Mateo County property values reached a new high for the ninth consecutive year in 2018, though the rate of growth in Half Moon Bay slowed from 2017.
Year-over-year growth totaled $15.9 billion and averaged 7.1 percent in the county’s 20 cities and unincorporated areas. San Mateo County Assessor Mark Church announced the new figures on Friday.
Assessors valued Half Moon Bay’s 6,401 parcels and accounts at nearly $3.3 billion, a 5.2 percent increase over 2017. From 2016 to 2017, growth in Half Moon Bay was nearly 8 percent.
"While there was some softening in the residential market, record growth in commercial and mixed-use development helped push the total roll value to this new high," Church said in a prepared release.
Special Assistant to the Assessor Terry Flinn said the slowed growth in Half Moon Bay could have been driven by the tempered housing market. He noted that sales volumes have leveled off, though prices continue to rise.
Growth in the value of property in unincorporated areas of the county, which includes several Coastside communities, totaled over $1.2 billion. However, the 5.6 percent rate of growth fell just short of last year’s change of 6.06 percent.
Bayside communities like Menlo Park, Foster City and South San Francisco led the county in percentage growth in 2018. New commercial development powered property value growth, accounting for 67 percent of major construction projects tracked by the Assessor’s office.
Church reported other signs of economic strength, including a 2.2 percent countywide unemployment rate and a 15 percent decrease in trustee’s deeds. The county property tax base is estimated to increase to $2.38 billion.