Sacramento, CA…The California State Board of Equalization (BOE) has released its 2024-25 Annual Report for the fiscal year (FY) that ended on June 30, 2025. The net statewide assessed property value for the January 1, 2025, lien date is reported at $9.1 trillion (+4.6% from the FY 2023-24 lien date), including approximately $9.0 trillion in county-assessed properties and $165 billion from state-assessed properties.

For county-assessed properties (mainly residential and commercial), the state’s 58 County Assessors determined total local property tax revenues of approximately $97.2 billion after establishing values for over 13 million assessments. This is an additional $4.5 billion, or a 4.9% increase from FY 2023-24.

For state-assessed properties, schools and local communities statewide will receive approximately $2.8 billion in revenue (+7.7% from FY 2023-24) from the $165 billion directly assessed by the BOE. This was a $12.3 billion increase over 2024 lien year values. State-assessed properties include telephone, gas, and electric companies; independent power producers; regulated railroads; and intercounty pipelines directly assessed by the BOE.

Altogether, FY 2024-25 property tax revenues are contributing $53.5 billion to schools and $46.5 billion to counties, cities, and special districts.

“Behind these numbers are the schools that educate our children and the local services that keep our communities safe and strong. From classrooms to fire protection and law enforcement, property tax revenues help ensure California communities receive the vital funding they depend on. The Board of Equalization works to ensure assessments are fair and consistent statewide.”

BOE Chair Sally J. Lieber (2^nd District)

Where County Property Tax Dollars Go

All Californians benefit from property tax revenues. Property tax is allocated among local governments, with schools getting more than half the revenues.

This year’s report includes statewide maps that illustrate total FY 2024-25 net-assessed property values and the average property tax rates for all of California’s 58 counties. The report also has the total value of qualifying property tax exemptions and more statewide property tax data.

Other Programs Supporting California

The BOE is also responsible for administering the Alcoholic Beverage Tax Program, which produced $415 million in FY 2024-25, and co-administering the Tax on Insurers Program, which added $3.5 billion to the state. With the addition of $12 million collected in Private Railroad Car Tax, BOE helped contribute $3.9 billion to the General Fund in FY 2024-25.

Revenue Summary

In total, programs administered and overseen by the BOE contributed $103.9 billion to state and local government.

Past annual reports and additional information can be found on the BOE website.

The California State Board of Equalization (BOE) is the nation’s only elected tax board. It includes four elected Board Members who represent equalization districts and the State Controller. Since 1879, the BOE has carried out its constitutional and statutory duties to support fair and equitable property tax administration in California. The BOE oversees the work of the state’s 58 County Assessors to help ensure assessment practices are uniform statewide. The BOE also directly assesses the property of regulated railroads and certain public utilities. In addition, the BOE collects the Private Railroad Car Tax, and administers the Alcoholic Beverage Tax and Tax on Insurers programs. BOE’s critical role in California’s property tax system helps protect the tax revenues that schools, local communities, and the State depend on every day.