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Committee approves sending 2018–19 secured property tax rate and tenant pass‑through to full board
Summary
Controller’s office and the budget analyst recommended approval of the 2018–19 secured property tax rate and the tenant pass‑through rate; the committee voted to forward the ordinance to the full Board with a positive recommendation.
Jamie Whitaker, property tax manager in the Controller’s Office, told the Budget and Finance Committee the annual secured property tax ordinance sets the rate charged to roughly 210,000 parcels and that the city will collect about $3 billion to be shared among taxing entities. Whitaker explained that the Prop 13 base rate remains 1% and that debt service and total assessed (taxable) value primarily drive year‑to‑year rate changes. For a homeowner at the median taxable value cited in the presentation ($520,000), Whitaker estimated an ad valorem increase of about $73 before special assessments.
Severn Campbell of the Budget Legislative Analyst reiterated the report’s finding that the proposed 2018–19 secured tax rate is somewhat lower than the prior year’s rate, but because assessed values can increase up to 2% per year the typical homeowner could see an increase of about $73. The budget analyst recommended approval.
A public commenter repeated earlier concerns about payroll taxes for large technology companies; the comment was noted but did not change the committee’s recommendation.
Chair Cohen moved to approve and send the ordinance to the full Board with a positive recommendation; the motion passed without objection.
