Property taxes grew for the ninth consecutive year in Fiscal Year (FY) 2019-20 — by a total of $225 million or 8 percent more than the prior year — contributing to $3 billion to be distributed county-wide to local government agencies including the cities, school districts, special districts and the County according to a press release issued by San Mateo County Controller’s Office.
“It’s important to me that we provide taxpayers and residents visibility into the tax dollars they pay and where those dollars go,” said County Controller Juan Raigoza.
The Assessor’s Office administers changes in ownership to properties and calculates the annual assessed values of properties, the Controller’s Office calculates tax rates and distributes tax revenues to local agencies, and the Tax Collector’s Office issues tax bills and collects taxes. Under Proposition 13, the General Tax rate is always 1 percent.
The increase in General Tax revenues resulted from annual growth in assessed values primarily stemming from annual increases in assessed property values with the biggest gains coming from real estate sales and new construction.
The full report can be downloaded at: http://controller.smcgov.org/2020-pth