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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
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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 state-assessed role system is more than 35 years old, has reached the end of its useful life and has caused near‑system failures during evaluation seasons. She asked the board to support two budget change proposals for IT modernization: $3.2 million in 2026–27 and $3.1 million in 2027–28 (the transcript references an aggregate of about $6 million across two fiscal years). "We're dealing with a system that's 35 plus years old, is no longer supported...What's at risk? Funding for our schools," Stowers said.
Staff described project progress: the replacement is nearing completion of PAL (Project Approval Life‑Cycle) Stage 3, the agency intends to release a public RFP for vendors after that stage and is coordinating with the California Department of Technology and the Franchise Tax Board to incorporate lessons learned. Chief project staff named a project manager from CDTFA and said the system will be cloud‑based with e‑filing, automatic calculations, improved cybersecurity, and reduced manual data entry.
Members asked for more detail on staffing, timelines and whether the board could accelerate the review. Chief staff and the executive director said they would follow the existing review cycle but would produce a status update and materials for the board. Jack McCool and other staff explained that audits and state-assessed valuation work depend on reliable technology; staff told the board the modernization would reduce manual processing by an estimated 98% for certain tasks and allow more staff time for audits and valuation activities.
Next steps: staff said they will proceed through PAL stage 3, release the RFP, continue coordination with CDT and report back to the board on the BCP status and legislative timeline.
