California State Board of Equalization (BOE) Vice Chair George Runner has announced that assessed property values in San Joaquin and Stanislaus counties grew 6.3 percent in 2015-16 over 2014-15. Assessed values for county-assessed property jumped 6.4 percent while state-assessed property values went up 4.9 percent. Assessed values in these two counties are 2.3 percent higher than in 2008-09, when values statewide hit their prior peak.
County assessors are responsible for assessing the value of each home, as well as other residential and commercial property as of Jan. 1 of each year. That value is used to set the property tax bill that is due in December of that year, and April of the following year. The BOE is responsible for assessing properties such as privately owned public utilities and railroads. Annual tax bills for the owners of those properties are based on these valuations.
“Property values throughout California continue to rise,” said Board of Equalization Vice Chair Runner. “In some areas of the state we saw more growth than others, but overall this is an encouraging sign for our economy.”
This is the fifth consecutive year the total value of California’s county and state-assessed properties has increased, fueled in large part by the recovery in the state’s housing market. For 2015-16, values rose to $5.209 trillion, an increase of $289.9 billion (5.9 percent) from 2014-15. Values statewide are 14.4 percent higher than they were in 2008-09, when they last hit their peak.
Valuations in the state’s 43 inland counties rose 5.8 percent. The assessed valuation in California’s 15 coastal counties, which accounts for more than 60 percent of total assessed valuation, gained 6.0 percent.
Fifty-six counties posted year-to-year increases in assessed value, most of those increases above two percent. Two counties experienced a year-to-year decline in value. Thirty-three counties grew in excess of five percent.
The five-member California State Board of Equalization (BOE) is a publicly elected tax board. The BOE collects $60 billion annually in taxes and fees, supporting state and local government services. It hears business tax appeals, acts as the appellate body for franchise and personal income tax appeals, and serves a significant role in the assessment and administration of property taxes.
Elected in November 2010, and re-elected in 2014, Vice Chair George Runner represents the State Board of Equalization’s First District. Prior to his election to the Board, Runner served 12 years in the State Legislature, authoring the well-known California Amber Alert and California’s Blue Alert.