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 2024-2025
End
Recommended Action:
Recommended action
Presentation of the 2024-2025 Assessment Roll. (Informational Only)
end
Executive Summary:
The 2024-2025 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 2024-2025 Assessment Roll valuation results are described in the attached memorandum to the Board Chair from the Clerk-Recorder-Assessor. Overall roll values as of 01/01/2024 are 5.22% greater than 01/01/2023.
The below information is representative of the historical trend of the total Assessment Roll from the 2007-2008 fiscal year through the current 2024-2025 fiscal year.
Discussion:
Based on market values for properties that sold during calendar year 2023 and using an annual consumer price index of 1.02 issued by the State for county valuation, staff assumed 3.5% property value growth including values of fire reconstructed properties in the Fiscal Year 2024-25 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 2024-25 Assessed Value growth of 5.22%, applied to the final collected rates, will result in the collection of approximately $4.8 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 $1.9 million, will increase funding for the Capital Projects - County Center Modernization Fund, and will be allocated to this fund on an ongoing basis. While the $2.8 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 5.22%, 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
|
Expenditures |
FY24-25 Adopted |
FY25-26 Projected |
FY26-27 Projected |
|
Budgeted Expenses |
|
|
|
|
Additional Appropriation Requested |
|
|
|
|
Total Expenditures |
|
|
|
|
Funding Sources |
|
|
|
|
General Fund/WA GF |
|
|
|
|
State/Federal |
|
|
|
|
Fees/Other |
|
|
|
|
Use of Fund Balance |
|
|
|
|
General Fund Contingencies |
|
|
|
|
Total Sources |
|
|
|
Narrative Explanation of Fiscal Impacts:
Unanticipated property tax revenues of $4.8 million are estimated and, in accordance with the Board’s financial policies, 40% of this, or $1.9 million will be used to provide capacity to increase funding to the Capital Projects - County Center Modernization Fund. The 1st Quarter budget update will recognize the additional revenues and program resources according to financial policies.
|
Staffing Impacts: |
|
|
|
|
Position Title (Payroll Classification) |
Monthly Salary Range (A-I Step) |
Additions (Number) |
Deletions (Number) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Narrative Explanation of Staffing Impacts (If Required):
N/A
Attachments:
1. 2024-2025 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