2 days Ago By Daily Republic Staff
FAIRFIELD — The California State Board of Equalization on Wednesday reported that the statewide assessed property value for fiscal year 2023-24 was $8.7 trillion – an increase of 4.8%.
That puts the property tax revenue at about $97.9 billion, the BOE reported. “For the past 13 years, property values statewide have steadily increased year over year,” BOE Chairman Ted Gaines said in a statement.
“The BOE’s role in the oversight of property tax assessments is critical, as property values directly affect the property tax revenues that our schools and local communities depend on every day.” Solano County is expected to release its 2024-25 property tax roll on July 1. The BOE announcement comes with the release of the 2023-24 Annual Report.
"For county-assessed properties, the total local property tax revenue generated is approximately $95.3 billion, contributing $51.1 billion to schools and $44.
2 billion to counties, cities, and special districts," the statement said. "This is an additional $6.3 billion, or a 7.
1% increase, in property tax revenues from the prior fiscal year." For state-assessed properties, schools and local communities statewide will receive approximately $2.6 billion – a 13% increase in property tax revenues from the prior fiscal year.
The Annual Report is available at www.boe.ca.
gov/legdiv/2023-2024/pub306.pdf ..
