In the largest increase since 1999, the assessed value of all local taxable property in San Diego County has increased to $281.8 billion, up $26.4 billion (10.35 percent) from last year, reports Gregory Smith, county assessor, recorder and clerk.

The figure includes the values of 912,197 parcels of real property, 139,419 businesses, 53,802 boats, 20,226 mobile homes and 5,534 aircraft.

The highest priced property that transferred this year was the Hotel del Coronado that sold for $385 million. The next highest priced property was the Promenade Rio Vista, a 970-unit apartment complex in Mission Valley that sold for $203 million. Several of the high-rise buildings Downtown also sold this year, including Symphony Towers for $134 million.

In addition to sales or transfers, the assessor’s office reappraises upon new construction. The new construction activity was particularly strong in the condominium market Downtown and research and development projects.

The largest project for new construction was the Manchester Grand Hyatt, which added more than $170 million in value. The next largest construction project was the R&D plant built by Biogen/Idec Pharmaceuticals in Oceanside, adding more than $123 million in value.

The city of San Marcos experienced the largest increase in assessed value for the second year in a row. The 21 percent increase was due primarily to the San Elijo Hills development as well as residential and commercial development around California State San Marcos. Also, for the second year in a row, Chula Vista experienced the second largest gain, a 16.4 percent increase, due primarily to the residential and commercial development in Otay Ranch and EastLake.

“The real estate market was very strong throughout San Diego County last year,” Smith says. “The assessor’s office appraised more than 96,400 property sales and 37,500 properties with new construction. An additional 12,912 new parcels were added to the assessment roll this year due to new subdivisions and condominiums.”