To: Board of Supervisors
From: Robert Campbell, Auditor-Controller
Report Title: Adoption of 2024-25 Secured Property Tax Rates and Authorization to Levy the 2024-25 Property Tax Roll
RECOMMENDATIONS:
ADOPT the fiscal year 2024-25 secured property tax rates as shown on Exhibit A, attached; AUTHORIZE the levy of these rates and those adopted by cities and multi-county districts, as shown in Exhibit B, against the taxable secured property within the County that is subject to each rate (anticipated revenues specified in Exhibit A are subject to changes in the secured roll); and ADOPT and levy the 2024-25 tax rates as shown on Exhibit B for the Unitary and Operating Non-Unitary property assessed by the State Board of Equalization with a single countywide value, as recommended by the Auditor-Controller.
FISCAL IMPACT:
Adoption of the attached property tax rates will generate over $3.1 billion in property tax revenues to be apportioned to the County, Cities, Schools and other eligible agencies.
BACKGROUND:
Under Government Code Section 29100, the Board of Supervisors (Board) is responsible for the adoption by resolution of the tax rates for the current year secured property tax roll. The General Obligation Bond rates are provided by the Auditor-Controller at a level adequate to support the annual debt service requirements and necessary bond reserves. Government Code Section 29101 requires that the Board levy these rates on the appropriate taxable property in the County. Revenue and Taxation Code Section 100(b) provides for the tax rate to be applied to the Unitary and Operating Non-Unitary property.
However, with respect to the unitary property owned by BNSF Railway Company and Union Pacific Railroad Company, the federal court entered stipulated judgments requiring the County to apply the countywide rate as reported by the State Board of Equalization for private railroad car assessments.
CONSEQUENCE OF NEGATIVE ACTION:
Failure to approve this action will re...
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