Property Tax

California Property Tax Revenue Increased 6 Percent in 2021

Property Tax Revenue Increase

Property tax revenue for local governments in California increased 6 percent in 2021, the State Board of Equalization reported March 17 in its 2020-21 Annual Report.

Statewide, the total value of county-assessed property was $7.1 trillion, resulting in $79.9 billion of local property tax levies, the BOE reported.

“Those property tax levies contributed $43 billion to schools and $36.9 billion to local government,” the agency noted in a news release. “This is an additional $4.5 billion, or a 6 percent increase, in property tax levies from FY 2019-20 of $75.4 billion.”

Additionally, the value of state-assessed property increased $3.5 billion from the prior year, reaching $123.2 billion for the 2021-22 roll. “State-assessed properties produced $1.94 billion in local property tax revenues for the state’s 58 counties in 2021-22,” the report stated.

“The increase in property tax levies to almost $80 billion is a clear reflection of California’s vibrant real estate market,” BOE Chair Malia Cohen said. “As we transition away from the disruptions of the COVID-19 pandemic, I am heartened that these additional property tax revenues will provide significant funding for our schools and critical local government services.”

The Annual Report includes state- and county-assessed property values, aggregate qualifying property tax exemptions, and other statewide property tax data.