BOE adopts $154.8 billion in state-assessed property values for fiscal year 2024-25 — Schools, local communities set to receive $2.5 billion

Today, the California State Board of Equalization unanimously adopted the $154.8 billion in state-assessed property values of 321 companies within California, which include telephone, gas, and electric companies, independent power producers, regulated railroads and intercounty pipelines. In the upcoming fiscal year, California’s schools and local communities will receive approximately $2.5 billion in property tax revenue resulting from the BOE fulfilling one of its core constitutional functions.

“The BOE sets property values for state-assessed properties annually, generating critically needed tax dollars for schools and local communities,” said BOE Chair Sally J. Lieber. “As a result, essential services across the state, including schools, public safety services, safety net programs, and infrastructure, will receive funding.”

While most property in California is assessed by county assessors, the BOE is required by the California Constitution to directly assess certain public utilities, regulated railroads and intercounty pipelines throughout the state.  These properties are not subject to Proposition 13, and the BOE must annually determine the unitary property’s fair market value, including improvements, personal property and land.  The BOE develops the fair market value by considering market conditions, income generated by the property, replacement costs, investments in the property, regulatory climate, depreciation and other factors as of the Jan. 1 lien date.

For fiscal year 2024-25, the total value increased by 6.2 percent from last year or $9.1 billion, generating approximately $148 million in additional tax dollars. County governments will use the values set by the BOE to levy local property taxes.

The entire list of state-assessed property values and more information on the State-Assessed Properties Program is available on the BOE website.