Property values in Solano County fell in 2011 for the fifth consecutive year, officials said this week.
The 3 percent drop in value from 2010 brings the total value of properties in Solano to $37.9 billion, 17 percent lower than the $45.7 billion taxable value of properties in 2007, according to the Times-Herald newspaper in Vallejo, the county’s largest city.
“The erosion . . . is a result of a continuing decline in the real estate market throughout the county,” Mark Tonnesen, the county’s assessor-recorder, told the newspaper.
Property values fell in every city in the county in 2012. Last year, property values in Benicia and
Fairfield increased in value while prices fell in the rest of the county
Last year, county officials said, property values fell in each of Solano’s seven cities.
But the data only is completed through Dec. 31 of last year, so the figures would not show if property values have increased since the start of 2013.
The data “are not reflective of activity currently taking place in the real estate market,” Tonnesen said.
Vallejo Finance Director Deborah Lauchner and Benicia City Manager Brad Kilger told the newspaper that their cities had accounted for the property value decline when they approved proposed spending plans for 2012-2013.