Property Tax, Property Tax Revenue

Property Tax Revenue Increased 7.1 Percent From 2022 to 2023, BOE Reports

property tax increase

The value of assessed property in California increased 6.4 percent from January 1, 2022, to January 1, 2023, to reach $8.3 trillion, the State Board of Equalization reported April 11 with the release of its Fiscal Year 2022-23 Annual Report.

The increase, which includes both county-assessed and state-assessed values, resulted in significant increases in property tax revenue for schools and local government.

“For county-assessed properties, the total local property tax revenue generated is approximately $89 billion, contributing $47.6 billion to schools and $41.4 billion to counties, cities, and special districts,” the BOE stated. “This is an additional $5.9 billion, or a 7.1 percent increase, in property tax revenues from the prior fiscal year. For state-assessed properties, schools and local communities statewide will receive approximately $2.3 billion in revenue, or an 8.3 percent increase, in property tax revenues from the prior fiscal year.”

“Property values statewide have steadily increased year over year since 2011,” BOE Chair Sally Lieber said. “This underscores the importance of the BOE’s critical role in the oversight of property tax assessments, as property values directly affect property tax revenues which fund our schools and local services.”

New in this year’s report are statewide maps that illustrate the total net assessed values and the average property tax rates for all 58 counties. The report also includes aggregate qualifying property tax exemptions and other statewide property tax data.

Past annual reports and additional information can be found on the BOE’s website.