9/2/2014

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Kern County property values up $2 billion over previous year

Kern County property values up $2 billion over previous year
Downtown Bakersfield (File)
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BAKERSFIELD, Calif. (KBAK/KBFX) — The taxable value of all Kern County property for the current fiscal year has increased about $2 billion, or 2 percent, over the previous fiscal year.

The Kern County Assessor-Recorder's office announced the figures Wednesday. It said the value of county property for the 2013-14 fiscal year, which started July 1, is $92.3 billion. That generated about $370 million in county revenue.

Kern County experienced a major turnaround this year for the market value of residential properties. Some 90,000 properties will see an increase in their assessments for the upcoming year due to an increase in market value, the Assessor-Recorder's office said.

Real property, commercial, industrial and agricultural properties increased by close to $2 billion in assessed value for the year.

Oil and gas properties make up close to 35 percent of the assessment roll. There was an increase in assessed value of close to $1.6 billion in wind energy properties, as well.
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