July 24, 2017 Comments Off on California Property Tax Revenue Soars Views: 1391 California News, Top California Stories

California Property Tax Revenue Soars

California’s Proposition 13 is credited for keeping property taxes low, and the iconic law is often blamed for depriving schools and local governments of revenue. Yet, analysis of county property assessors’ 2017-2018 rolls of taxable property shows a 5% increase statewide to roughly $5.75 trillion in taxable value.

That translates into at least $65 billion in property tax contributions. The biggest gains are coming from the Bay Area, with a nearly 11% increase in San Francisco.

Property tax revenue growth exceeds 50% during the last decade alone and roughly 1,000% since 1978, when Proposition 13 was passed, and is growing faster than the economy.

By comparison, personal income in California has grown at an average annual rate of 6.3% since 1979. The Legislature’s budget analyst report shows over the same period, revenue from the 1% property tax rate grew at an average annual rate of 7.3%, due to ownership changes, rising market values and new construction.

Read more at KQED


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