Thanks to a rebound in the economy and real estate values, county assessment rolls — and by extension property tax revenues — are going up between 5.2 and 8.7 percent in eight Bay Area counties this fiscal year.
That’s good news for the public schools, community colleges, counties, cities and special districts that share property tax revenue, but not so good for homeowners who are still enjoying temporary property tax reductions they got after the housing bust. Their taxes can go up by more than the 2 percent annual inflation limit imposed by Proposition 13 until they return to where they would have been had they never gotten the reduction.
The roll is the aggregate value of taxable property in a county as of Jan. 1 each year. Many Bay Area counties are reporting record rolls for the 2015-16 fiscal year, which started July 1.
View Article