Propety Tax Revenues Down

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(Sacramento, CA)
Thursday, July 3, 2008

Officials with the Assessor’s Office announced Thursday that the property tax roll is $136,244,446,056 billion for the fiscal year that started July 1st. 

Kathy Kelleher with the Assessor’s Office says that’s an increase of only 1.86% from last year. Previously it’s been between 9.4% and 15%. 

"It’s the lowest that it’s been in many years and that’s due mostly because of the reductions to about 85,000 residential properties that have had their values adjusted temporarily because of the current market conditions."

Kelleher says the drop in assessed value means Sacramento County, its cities and school districts will lose a combined $60 million.