Business
More Cash for Calif. Schools, Local Govs. Thanks to Property Value Increases
California county assessors reported significant increases in the value of properties subject to locally assessed property tax, increasing property tax revenue statewide. The average increase in the assessment roll data was 5.72% in 20 counties for the 2024-2025 financial year, stated county assessors. Jeffrey Prang, Los Angeles County assessor, published a May report forecasting that the final roll will be approximately 4.75% greater than last year. The growth in the assessment roll is expected to bring in more property tax for local government, school districts, and special districts. In the past 12 years, many counties have experienced increases in property tax revenue.
By Bo Tefu, California Black Media
California county assessors reported significant increases in the value of properties subject to locally assessed property tax, increasing property tax revenue statewide.
The average increase in the assessment roll data was 5.72% in 20 counties for the 2024-2025 financial year, stated county assessors. Jeffrey Prang, Los Angeles County assessor, published a May report forecasting that the final roll will be approximately 4.75% greater than last year.
The growth in the assessment roll is expected to bring in more property tax for local government, school districts, and special districts. In the past 12 years, many counties have experienced increases in property tax revenue.
San Diego County set a new record with an assessment value of $768 billion, stated county assessor Jordan Marks. The county’s assessment value has increased for the 12th consecutive year.
Marks highlighted that Proposition 13 caps annual increases at 2% without a change in ownership or new construction.
“Thanks to Proposition 13, no homeowner should lose their home due to unaffordable property taxes from the recent skyrocketing home prices,” said Marks.
The official deadline for assessors to complete assessment rolls was July 1, but the State Board of Equalization granted extensions to other counties. Despite the delay, it is projected that a complete assessment from each county will be available by the end of July.
