Property tax revenue increased 4 percent ($3.2 billion) statewide from 2021 to 2022, growing to $83.1 billion in local property tax revenue that supports schools and local government, the State Board of Equalization reported April 18 with the release of its 2021-22 Annual Report.
Schools receive 53.7 cents of every property tax dollar, the BOE noted. Counties receive 14.1 cents, cities receive 12.5 cents, and other government entities receive 19.7 cents. This translated to $44.6 billion for schools and $38.5 billion for counties, cities, and special districts in the 2020-21 fiscal year.
The net statewide county-assessed property value was $7.6 trillion as of January 1, 2022, which represents an increase of $500 billion (7 percent) from the prior year.
“Property taxes have been a steady and reliable revenue stream that funds our schools and important government services Californians rely on every day,” BOE Chair Antonio Vazquez said. “The BOE’s critical role protects these dollars through its oversight of property tax assessments and that they are done fairly, uniformly, and consistently.”
New in this year’s report is a section covering the BOE’s work to promote assessment practices that are uniform and consistent statewide. The report also includes state- and county-assessed values, aggregate qualifying property tax exemptions, and other statewide property tax data that often is used by researchers.