Local property tax rolls rise Local property tax rolls rise (July 07, 2004)

Fueled by rising home values, the property tax rolls in local towns continue to climb, the county assessor's office announced July 1.

Property tax rolls -- made up of the assessed value of real estate and other taxable property, such as airplanes, yachts and equipment -- rose 4.7 percent county-wide in the 2003-04 fiscal year, but climbed 7.8 percent in Atherton, 7 percent in Portola Valley and 9 percent in Woodside, said Warren Slocum, the San Mateo County assessor. Menlo Park rolls hit the county average at 4.7 percent.

The numbers mark the second consecutive year of rising property tax rolls in all four communities. In 2001-02, property-tax assessments fell slightly in Atherton and Woodside.

"This year's residential real estate market was fueled by the rock-bottom interest rates and the announcement by (Federal Reserve) Chairman Alan Greenspan that interest rates would be going up. The combination created a seller's market," Mr. Slocum said.

Values in Colma led the county with 18.7 percent, while those in the unincorporated areas -- which include the San Francisco airport -- brought up the rear, falling by 2.8 percent. Lower assessments on fleets of airplanes dragged down the numbers for the unincorporated areas.

The airport has yet to recover from travel slumps due to the events of September 11, 2001, and the SARS epidemic, and the war in Iraq isn't helping, Mr. Slocum said.

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