California property tax revenue increased 7.1 percent from locally assessed property and 13 percent from state-assessed property in 2024 – increases of $6.3 billion and $2.6 billion, respectively, in funding for schools and local governments – the State Board of Equalization reported April 16 in its 2023-24 Annual Report.
The $8.9 billion growth in property tax revenue occurred from January 1, 2023, to January 1, 2024. The first day of the year is the “lien date” when values are established for purposes of the tax bills sent to property owners later in the year.
Counting both county-assessed (net exemptions) and state-assessed values, assessed values increased 4.8 percent during this period, reaching $8.7 trillion, the BOE reported.
“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 BOE stated.
BOE Chair Ted Gaines noted that property tax has been a dependable, increasing source of revenue.
“For the past 13 years, property values statewide have steadily increased year over year,” Gaines said. “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.”
The BOE is constitutionally and statutorily responsible for the oversight of California’s property tax system. The agency noted that its core duties include promoting assessment practices that are uniform and consistent statewide and directly assessing state-assessed properties.
The Annual Report includes statewide maps that illustrate the total net assessed values and the average property tax rates for all 58 counties. This data shows that two counties – Modoc and Sierra – have the lowest possible rate of 1 percent, while the other 56 counties impose higher rates to repay voter-approved local bonds. The highest countywide average rate in the state is 1.243 percent, in Alameda County.
The report does not include other forms of property tax, such as parcel taxes or taxes on vacant properties, as those taxes are not overseen by the BOE.
The report also has aggregate qualifying property tax exemptions and other statewide property tax data.
The BOE also announced the publication of an updated version of “California Property Tax: An Overview,” which provides a summary of property tax assessment in California.