State Board of Equalization

Local Property Tax Revenue Grew 6.5 Percent in 2019-20

There was a 6.5 percent increase in property tax revenue received by local governments in the 2019-20 fiscal year, according to the State Board of Equalization 2019-2020 Annual Report presented to the board during its April 27 teleconference meeting. Chief Deputy Director Lisa Renati presented the report and noted that in 2020, the value of locally assessed property was $6.8 trillion. This is up from $6.4 trillion in 2019. The report states that the $75.4 billion in property tax levies…

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Tax Agency Will Have to Expand Dramatically if Proposition 15 Passes, Staff Says

The State Board of Equalization’s County-Assessed Properties Division will need to roughly double in size if voters approve Proposition 15 in November, BOE staff testified during the board’s three-day teleconference meeting held September 22-24. David Yeung, deputy director of the Property Tax Department, testified that the workload increase caused by the split-roll initiative “will be extensive,” as the BOE would need to revise many of its assessors’ handbooks – a process that traditionally takes more than a year for even…

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Assessor Warns of Residential Assessment Errors if Split-Roll Initiative Passes

If voters approve Proposition 15 in November, residential property assessments are likely to become less accurate as assessors are forced to shift resources to determining market values of commercial and industrial properties, Los Angeles County Assessor Jeffrey Prang said July 23. Prang, testifying during a six-hour State Board of Equalization informational hearing on the split-roll initiative, noted that under Proposition 15, assessors would be required to assess all commercial and industrial properties within their jurisdiction at least every three years.…

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Los Angeles Skyline

State Board of Equalization: Los Angeles Assessor’s Office Reiterates Warnings About Split-Roll Initiative

Los Angeles County Assistant Assessor George Renkei addressed the board to reiterate some of the problems assessors will face if the split-roll initiative is approved in November. Renkei said the Assessor’s Office currently reassesses about 6,000 to 10,000 commercial or industrial properties each year because of changes in ownership. Under the split-roll initiative, the office would have to reassess approximately 59,000 such properties per year. This huge increase in workload would require the office to hire and train approximately 500…

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