BOE reports $101.5B in fiscal contributions to California's governments for 2023-24

The California Board of Equalization (BOE) has announced significant contributions to state and local governments, totaling over $101.5 billion for the fiscal year 2023-2024. This unprecedented funding includes $3.6 billion directed to the State General Fund and nearly $90 billion allocated to local governments, primarily through property taxes.

During the recent BOE board meeting, Executive Director Stowers highlighted the critical role of property taxes as a primary revenue source for counties, cities, schools, and special districts in California. While the state does not depend on property taxes for its revenue, accurate assessments are vital to ensure that educational funding remains stable under Proposition 98, which mandates minimum funding levels for schools.

The BOE's efforts in overseeing property tax assessments are crucial, as they ensure uniformity and compliance across the state's 58 county assessors. In the past fiscal year, the BOE conducted ten assessment practice surveys and provided extensive training, certifying over 2,200 individuals in property tax assessment roles. They also addressed approximately 11,000 inquiries from taxpayers, enhancing public understanding of property tax laws.

Additionally, the BOE co-administers the welfare exemption program, issuing numerous clearance certificates to ensure organizations maintain their eligibility for tax exemptions. They also monitor changes in ownership of legal entities to reassess property values accurately.

The meeting underscored the BOE's commitment to transparency and accountability, with an annual report detailing their governance, responsibilities, and the impact of their work available to stakeholders. As the BOE continues to support California's communities, their proactive measures in property tax assessment and education are expected to foster a more equitable tax system and bolster local funding for essential services.