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BOE annual report shows $9.1 trillion lean-year assessed value; executive director urges $6M IT modernization to replace 35‑year legacy system
Summary
Executive Director Yvette Stowers presented the BOE's 2024–25 annual report (lean-year assessed value $9.1 trillion including $165 billion state-assessed property), highlighted that property tax revenues topped $100 billion, and urged funding for a cloud‑based replacement of a 35‑year-old system, requesting roughly $3.2M in 2026–27 and $3.1M in 2027–28.
At the April 22 meeting Executive Director Yvette Stowers presented the Board of Equalization's 2024–25 annual report (Publication 306), emphasizing the agency's role in valuing state‑assessed property and supporting local revenue flows. Stowers told members that statewide net assessed value for the 2025 lien year reached $9.1 trillion, which includes roughly $165 billion in BOE‑assessed property. She noted property tax revenue exceeded $100 billion in 2024 and that about 53.5% of those dollars (roughly $53 billion) fund schools.
Stowers warned that the BOE's legacy…
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