California State Treasurer Doug Ericksen announced this week that he plans to issue a report outlining the State’s property tax revenue over the next five years.
The Treasurer’s report is being dubbed “The Treasure” as he seeks to provide a clearer picture of the state’s revenue structure and to put a more accurate face on the $7 billion in revenue the state received from property taxes in 2017.
The report will be issued this week, according to a source familiar with the matter.
The state collects more than $1 billion a year from property tax collections and taxes, which includes $4 billion from property assessments.
The State Treasurer has the authority to issue the report, but he’s not the only one in charge of collecting the money.
California has one of the highest property taxes rates in the nation, which can easily exceed the cost of living in many counties.
But the state is currently facing a growing budget crisis, which has led to budget cuts and reduced services to some communities.
Erickson has proposed a combination of three revenue-generating strategies to cut the state budget deficit: reducing the amount of property taxes collected, increasing revenue from assessments, and reforming the tax system to create more fairness and opportunity for California residents.
Property tax revenues were estimated to account for almost half of the State Treasurer’s 2018 budget, which would require a reduction in property taxes from $8.3 billion to $6.4 billion.
But property assessments, which are paid for out of the general fund, have been declining over the last several years.
According to the California Department of Finance, the median assessed property value in the State in 2017 was $2,542, and the median property tax assessed value in California was $1,817.
The California Taxpayers Association said that the revenue shortfall for the State is a significant issue and that the State needs to focus on reforming the property tax system.
“It’s time for the state to begin taking action to address the significant revenue shortfall in the 2018-19 budget.
Property taxes alone are not enough to cover the projected $7.5 billion shortfall, and we must also address the other revenue stream that must be taken into account: the higher costs and burdens of health care and the increased costs of education,” said the California Taxpayer Association in a statement.
Property tax assessments have been falling since 2009, according the State Revenue Foundation, and as of the end of the year, there was a $1.9 billion deficit.
Ericksen said that while the state needs to do a better job of forecasting property taxes, the State should also focus on increasing property values and lowering property taxes.
According to the report that will be released, property tax revenues in California totaled $1 trillion in 2017, $1 per person.
The average value of homes and apartments in California increased by 9.5 percent in 2017 over the same time period.
A study published by the Brookings Institution found that California property taxes paid for the bulk of its $2.5 trillion budget surplus over the past decade.
The study found that, by 2019, the revenue generated by the state would exceed the combined income of every state, the District of Columbia, and Puerto Rico.