California’s Assessed Property Values Climbed Six Percent

Submitted by Antonio Vazquez, Vice Chair, 3^rd District, State Board of Equalization

On November 22 the California State Board of Equalization (BOE) announced at its November 2019 meeting the total value of California’s county and state-assessed properties has increased to more than $6.5 trillion for the 2019 lien date, a six percent (6%) increase from the previous year totaling a $374 billion increase in value.

“This latest increase in California’s total assessed property value confirms that our state’s economy, including the property tax revenue that funds local schools and governmental services, is continuing to move forward,” said Board of Equalization Vice Chair Antonio Vazquez.

California’s property tax system provides billions in revenue for our schools and local governments. County Assessors are responsible for assessing the value of each home, as well as other residential and commercial property on January 1 of each year. That value is used to set the property tax bill that is due in December of that year and April of the following year. The BOE is responsible for assessing properties such a privately owned public utilities and railroads. Annual bills for the owners of these properties are based on these valuations.

Tuesday’s meeting started with the Board honoring National Veterans and Military Families Month, the Board Members recognized the vital contributions of our veterans and military families and encourage local County Assessors to continue to provide information and assistance to serve veterans and their family members. Also recognized was Board Member Mike Schaefer, as the oldest serving state constitutional officer to date.

On the second day of the Board Meeting, the Board Members held a strategic planning discussion to:

• Ensure the Board’s Constitutional mandates are being performed in the most cost effective, efficient, and timely manner with the 58 elected Assessors and California taxpayers in the forefront;
• Establish and meet workload priorities and provide direction for Members to achieve statewide objectives and workload in a manner that ensures maximum transparency and opportunity for open discussion;
• Develop an education and outreach plan.