Assessed property value statewide total $8.3 trillion — property tax revenues total approximately $91.3 billion

Today, the California State Board of Equalization released its Fiscal Year (FY) 2022-23 Annual Report. The report has the total statewide assessed property value for the Jan. 1, 2023 lien date, which includes both county-assessed (net exemptions) and state-assessed values, at $8.3 trillion and rose by 6.4 percent from the prior year lien date. County-assessed properties are mainly residential and commercial properties assessed locally by County Assessors, and state-assessed properties are comprised of certain public utilities, railroads, and intercounty pipelines directly assessed by the BOE.

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. 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,” said BOE Chair Sally J. Lieber. “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.”

The BOE is constitutionally and statutorily responsible for the oversight of California’s property tax system. BOE’s core duties include promoting assessment practices that are uniform and consistent statewide and directly assessing state-assessed properties that are not subject to Proposition 13. 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 website.