Sacramento – Today, the California State Board of Equalization (BOE) released its Fiscal Year (FY) 2020-21 Annual Report, which reported that the total net statewide county-assessed property value was $7.1 trillion, resulting in $79.9 billion of local property tax levies. Those property tax levies contributed $43 billion to schools and $36.9 billion to local government. This is an additional $4.5 billion, or a 6% increase, in property tax levies from FY 2019-20 of $75.4 billion.
“The increase in property tax levies to almost $80 billion is a clear reflection of California’s vibrant real estate market,” said Chair Malia M. Cohen. “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 BOE is constitutionally and statutorily responsible for the oversight of California’s property tax system. The FY 2020-21 Annual Report includes state- and county-assessed property values, aggregate qualifying property tax exemptions, and other statewide property tax data. New in this Annual Report are the highlights of BOE’s accomplishments in fulfilling its statewide role in the implementation of Proposition 19, The Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act. In November 2020, California voters approved Proposition 19, which made significant changes to certain property tax laws.
Past annual reports and additional information can be found on the BOE website.
The California State Board of Equalization (BOE) is the only elected tax board in the country, and it is comprised of four Equalization District Members and the State Controller. Since 1879, the BOE’s constitutional and statutory duties include the oversight of the 58 County Assessors to ensure assessment practices are uniform and consistent statewide. In addition, the BOE directly assesses the property of regulated railroads and certain public utilities, collects the Private Railroad Car Tax, and is responsible for the Alcoholic Beverage Tax and Tax on Insurers. BOE’s critical role in property tax administration by promoting fair and equitable assessments protects the tax dollars that schools, local communities, and the State of California depend on every day.
MALIA M. COHEN
BETTY T. YEE