The California State Board of Equalization released its Fiscal Year 2023-24 Annual Report earlier this week.

The report has the total statewide assessed property value for the January 1, 2024 lien date, which includes both county-assessed (net exemptions) and state-assessed values, at $8.7 trillion and rose by 4.8% 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 telephone, gas, and electric companies, independent power producers, regulated railroads, and intercounty pipelines directly assessed by the BOE.

For county-assessed properties, the total local property tax revenue generated is approximately $95.3 billion, contributing $51.1 billion to schools and $44.2 billion to counties, cities, and special districts. This is an additional $6.3 billion, or a 7.1% increase, in property tax revenues from the prior fiscal year. For state-assessed properties, schools and local communities statewide will receive approximately $2.6 billion in revenue, or a 13% increase, in property tax revenues from the prior fiscal year.

“For the past 13 years, property values statewide have steadily increased year over year,” said Chairman Ted Gaines. “The BOE’s role in the oversight of property tax assessments is critical, as property values directly affect the property tax revenues that our schools and local communities depend on every day.”

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. This year’s report includes statewide maps that illustrate the total net-assessed values and the average property tax rates for all 58 counties. The report also has aggregate qualifying property tax exemptions and other statewide property tax data.

Past annual reports and additional information can be found on the BOE website.