Los Angeles County’s property tax revenue will grow significantly this year, as the county assessment roll grew by a record $122 billion (6.95 percent) during the past year, Assessor Jeff Prang announced July 26.
County assessors this month continued to report growth in the value of taxable property in their areas, which will translate to more property tax revenue for schools and local government.
County assessors this week reported substantial assessment roll growth, indicating that local governments throughout the state will receive significant increases in property tax revenue this year even as individual property owners are protected by Proposition 13 from large annual tax hikes.
Governor Gavin Newsom signed a $308 billion state budget and several budget trailer bills this week, and the Legislature began its month-long summer recess.
The Senate Governance and Finance Committee voted unanimously June 29 to approve AB 1951 (Grayson), a bill co-sponsored by CalTax and the California Manufacturers and Technology Association (CMTA) to provide a full sales and use tax exemption for manufacturing and research-and-development equipment purchases up to $200 million.
The assessed value of property in Santa Clara County increased 7.46 percent this year and reached a record-high $619.9 billion, Santa Clara County Assessor Larry Stone reported this morning.
