Brian Sabean, executive vice president of the San Francisco Giants baseball team, says California’s high taxes make it more difficult for his team to compete with teams in other states. During a discussion of the Giants’ lackluster season and the likelihood of shaking up the roster next year, Mr. Sabean told San Francisco Chronicle sports columnist Bruce Jenkins: “Let’s face it, how many free agents are going to come here? They’re not. For two reasons: the ballpark and the California taxes. That’s just a fact.”
November Results Final – Local Tax Burden Increases More Than $2 Billion a Year; $30 Billion in Bonds Approved
With the passage of last week’s deadline for certifying election results from the November 8 general election, the impact of voters’ decisions on local tax and bond measures finally can be determined. With all votes counted, 353 out of 427 tax or bond measures ended up passing – a passage rate of 82.67 percent. . . The 167 tax measures that passed will increase the local tax burden by more than $2 billion annually. The most significant chunk of that financial burden will come from increased sales taxes, which account for more than $1.5 billion in increased local taxes.
Assessors from California’s 58 counties began reporting their assessment rolls – showing the value of all real property and business personal property in their counties as of the January 1, 2015, lien date – and selected counties that have released their rolls so far have reported major growth.
California state and local governments face more than $443 billion in outstanding liabilities from borrowing, deferrals, and other unfunded financial obligations.