For Immediate Release
April 18, 2023
Contact: Peter Kim
Property Tax Revenue Increased 4% Statewide
Total Revenues are $83.1 Billion for Fiscal Year 2021-22
Sacramento – The California State Board of Equalization (BOE) today released its Fiscal Year (FY) 2021-22 Annual Report. The report includes the total net statewide county-assessed property value for FY 2021-22 at $7.6 trillion – an increase of $500 billion, or 7% in property value from FY 2020-21. This resulted in $83.1 billion in total local property tax revenues, contributing $44.6 billion to schools and $38.5 billion to counties, cities, and special districts. This is an additional $3.2 billion, or a 4% increase, in property tax revenues from FY 2020-21 of $79.9 billion.
“Property taxes have been a steady and reliable revenue stream that funds our schools and important government services Californians rely on every day,” said Chairman Antonio Vazquez. “The BOE’s critical role protects these dollars through its oversight of property tax assessments and that they are done fairly, uniformly, and consistently.”
The BOE is constitutionally and statutorily responsible for the oversight of California’s property tax system. One of the BOE’s core duties is to promote assessment practices that are uniform and consistent statewide, and new in this year’s report includes specific data reflecting the BOE’s work on this responsibility. The report also includes state- and county-assessed values, aggregate qualifying property tax exemptions, and other statewide property tax data.
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.