To: Sonoma County Board of Supervisors
Department or Agency Name(s): Clerk-Recorder-Assessor
Staff Name and Phone Number: Deva Proto, 707-565-3246
Vote Requirement: Informational Only
Supervisorial District(s): Countywide
Title:
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Assessment Roll 2023-2024
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Recommended Action:
Recommended action
Presentation of the 2023-2024 Assessment Roll. (Informational Only)
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Executive Summary:
The 2023-2024 Assessment roll contains the assessed valuation of all taxable real and business property on the local tax roll. This informational presentation is provided annually to the Board.
Detailed 2023-2024 Assessment Roll valuation results are described in the attached memorandum to the Board Chair from the Clerk-Recorder-Assessor. Overall roll values as of 1/1/2023 are 5.68 % greater than on 1/1/2022.
The below information is representative of the historical trends of the total Assessment Roll from FY 2007- 2008 through the current FY 2023-2024.
2023-24 Assessment Roll History
2023-24 Assessment Roll History - % Change
Discussion:
Based on market values for properties that sold during calendar year 2022 and using an annual consumer price index of 1.02 issued by the State for county valuation, staff assumed 4.25% property value growth including values of fire reconstructed properties in the Fiscal Year 2023-24 Adopted Budget. While housing sales suggested higher growth was possible, the County Recorder’s Office was seeing the lowest number of recorded documents, including records of property sales since 2005, which staff estimates is due to higher interest rates. Staff estimates that the final Fiscal Year 2023-24 Assessed Value growth of 5.68%, applied to the final collected rates, will result in the collection of approximately $8.3 million in additional property taxes above the amount in the adopted budget. In accordance with the financial policies adopted by the Board in Fiscal Year 2019-20, 40% of the unanticipated funds, or about $3.3 million, will increase funding for the Capital Projects - Deferred Maintenance Fund, and will be allocated to this fund on an ongoing basis. While the $5 million projected balance growth will be considered as it is realized and as needed throughout the fiscal year.
Actual receipts by individual agencies, including the County, will vary from the total of 5.68%, as this represents a county-wide total, while growth in individual areas will be different. Historically, growth in County property tax revenues has differed from the total change by about 1%.
Strategic Plan:
N/A
Racial Equity:
Was this item identified as an opportunity to apply the Racial Equity Toolkit?
No
Prior Board Actions:
Annual information-only presentations are received by the Board of Supervisors
Fiscal Summary
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FY 23-24 Adopted |
FY24-25 Projected |
FY 25-26 Projected |
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Narrative Explanation of Fiscal Impacts:
Unanticipated property tax revenues of $8.3 million are estimated and, in accordance with the Board’s financial policies, 40% of this, or $3.3 million will be used to provide capacity to increase funding to the Capital Projects - Deferred Maintenance Fund. The 1st Quarter budget update will recognize the additional revenues and program resources according to financial policies.
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Staffing Impacts: |
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Narrative Explanation of Staffing Impacts (If Required):
N/A
Attachments:
1. 2023-2024 Assessment Roll Memorandum to the Board of Supervisors’ Chair
2. Secured/Unsecured Value Comparison
3. Incorporated/Unincorporated Value Comparison
4. Assessment Roll Value Comparison by City/Town
Related Items “On File” with the Clerk of the Board:
N/A