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: Majority
Supervisorial District(s): Countywide
Title:
Title
Assessment Roll 2021-2022
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Recommended Action:
Recommended action
Presentation of the 2021-2022 Assessment Roll. (Informational Only)
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Executive Summary:
The 2021-2022 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.
Discussion:
Detailed 2021-2022 Assessment Roll valuations results are described in the attached memorandum to the Board Chair from the Clerk-Recorder-Assessor. Overall roll values as of 1/1/2021 are 3.23% greater than 1/1/2020.
The below information is representative of the historical trends of the total Assessment Roll from the 2008-2009 fiscal year through the current 2021-2022 fiscal year.
2021-22 Assessment Roll History
2021-22 Assessment Roll History - % Change
County Administrator’s FY 2021-2022 Budget Impact Summary Discussion:
The final growth in the Assessment Roll is significantly in line with County Administrator projections. With moderate increase in market values for properties that sold during calendar year 2020 and using an annual consumer price index of 1.01036 issued by the state for counties valuation, staff assumed a 2.04% property value growth and $1 million in restored values of fire reconstructed properties, representing a total 3.35% growth as part of the Fiscal Year 2021-22 Adopted Budget. This projection was slightly above the actual total, possibly due to delays in reassessments due to COVID and delays in rebuild. The growth rate was applied to a mid-year estimate of $259.9 million for secured Property tax collections, while the final collections totaled $263.5 million. Staff estimates that the final Fiscal Year 2021-22 Assessed Value growth of 3.23%, applied to the final collected rates, will result in the collection of approximately $2.5 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 $995,000, will increase funding for Capital Projects deferred maintenance fund, and will be allocated to this fund on an ongoing basis.
Prior Board Actions:
Annual information only presentations are received by the Board of Supervisors.
Fiscal Summary
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Expenditures |
FY 21-22 Adopted |
FY22-23 Projected |
FY 23-24 Projected |
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Additional Appropriation Requested |
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Fees/Other |
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Narrative Explanation of Fiscal Impacts:
Unanticipated property tax revenues of $2,487,540 are estimated and, in accordance with the Board’s financial policies, 40% of this, or $995,016 will be used to provide capacity to increase funding to Capital Projects. The remainder will be added to General Fund Contingencies. Adjustments to recognize additional revenues and adjust expenditures will be made during the 1st Quarter budget update.
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Staffing Impacts: |
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Monthly Salary Range (A-I Step) |
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Deletions (Number) |
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Narrative Explanation of Staffing Impacts (If Required):
N/A.
Attachments:
Attachment 1: 2021-2022 Assessment Roll Memorandum to the Board of Supervisors’ Chair
Attachment 2: Comparison Secured/Unsecured Value
Attachment 3: Comparison Incorporated/Unincorporated Value
Attachment 4: Comparison Cities Assessment Roll Values
Related Items “On File” with the Clerk of the Board:
N/A