Assessed property values in California have jumped six percent over the last year, according to new data released Monday by the state Board of Equalization. That means $3.3 billion in higher revenues for schools and local governments – and higher tax bills for homeowners.
In California, property tax revenues are crucial to funding government. The state, counties, cities and schools all took big budget hits during the recession – in part because property values crumbled with the housing market. For the past few years the market soared, the higher property values drive up tax bills – with the money boosting public budgets from Oregon to Mexico.
“At the end of the day, we will see increases in funding for K-12 schools and community colleges when the governor releases his budget in January,” says H.D. Palmer with Gov. Jerry Brown’s Department of Finance.
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