A record number of boats moved to or were moored in Marin and were valued as part of the assessment roll. Scott said that boat ownership increased as well in 2021. Countywide, Marin had an increase of over 12% in new construction permits. Home renovations and improvements also added to the rise in property value figures. 13, the increases in assessed value were capped at a maximum of 2% per year in such cases.
Instead of being excluded from reassessment, children who inherit a home or other property will receive a new tax bill based on a current market-rate assessment, unless they make the home their primary residence.
19 also altered the taxation of family-property transfers. The measure allows up to three moves in a lifetime and places no restrictions on where the new property is located. 19 increased the portability of Proposition 13 property tax protections for homeowners who are 55 or older. Scott said another factor resulting in higher sales last year was the passage of Proposition 19 in 2020.
Scott has said that some of the demand for residential property in Marin might have been driven by the COVID-19 pandemic, with more buyers working more home looking for larger living spaces. The median sale price of detached homes in Marin grew to $1.65 million last year, an increase of nearly 14% from $1.45 million the prior year. A total of 2,945 detached homes were sold in Marin last year, an increase of more than 13% from 2,599 single-family homes in 2020.