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Annual Property Tax Summary

The attached Annual Property Tax Summary provides the latest information on the City’s property valuations from HdL, the City's property tax consultant. The City’s total assessed values grew by $195 million. Due to new commercial development, specifically Norco Village along River Road, and continued strong growth from transfers of ownership, the City experienced its best assessed value growth in the past several years, accelerating from the prior year’s 4.5% to 6.2%. Growth in the City outpaced County-wide growth for the first time since 2015-2016, even as growth across the County as a whole accelerated from 5.2% to 6.1%. Norco is now in the upper half of cities in Riverside County when comparing by value growth percentage. Although this indicates growing interest in the City of Norco as a location to live and support a business, City staff continues to have a conservative outlook for future years as rising interest rates have an impact on demand and ultimately valuations.

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