The California State Board of Equalization (BOE) has released its 2024-25 Annual Report, detailing property tax assessments and revenues for the fiscal year ending June 30, 2025. The report highlights a net statewide assessed property value of $9.1 trillion for the January 1, 2025 lien date, marking a 4.6 percent increase from the previous fiscal year. This total includes approximately $9.0 trillion in county-assessed properties and $165 billion in state-assessed properties.
County Assessors across California’s 58 counties established values for over 13 million properties, generating about $97.2 billion in local property tax revenues. This represents a $4.5 billion increase, or 4.9 percent growth from the prior fiscal year. State-assessed properties—such as telephone, gas, electric companies, independent power producers, regulated railroads, and intercounty pipelines—contributed approximately $2.8 billion in revenue, a 7.7 percent rise from FY 2023-24, based on a $12.3 billion increase in assessed values.
Overall, property tax revenues for FY 2024-25 are allocated with $53.5 billion going to schools and $46.5 billion directed to counties, cities, and special districts. BOE Chair Sally J. Lieber emphasized the importance of these funds, stating they support essential services including education, fire protection, and law enforcement across California communities.
The report also provides detailed statewide maps illustrating net-assessed property values and average property tax rates for each county, alongside data on qualifying property tax exemptions.
Beyond property taxes, the BOE administers additional programs contributing to state revenues. The Alcoholic Beverage Tax Program generated $415 million, while the co-administered Tax on Insurers Program added $3.5 billion. The collection of the Private Railroad Car Tax contributed another $12 million. Combined, BOE-administered programs contributed $103.9 billion to state and local governments during FY 2024-25.
Established in 1879, the California State Board of Equalization remains the nation’s only elected tax board. It oversees fair and uniform property tax assessments across the state’s counties and directly assesses certain utilities and railroads, safeguarding vital funding for schools and communities throughout California.
For more information and to view the full report, visit the California State Board of Equalization’s official website.
