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Property Tax Revenue Decline In The State Of California And The Implications: An Examination Of Selected Local Governments In The State Of California, Ryan M. Mauldin
Property Tax Revenue Decline In The State Of California And The Implications: An Examination Of Selected Local Governments In The State Of California, Ryan M. Mauldin
MPA/MPP/MPFM Capstone Projects
The Center for Responsible Lending projects California local governments to experience a $107 billion dollar decrease in home values and taxable property rolls as a result of subprime mortgage related foreclosures [Lending, 2008]. Due to Proposition 13, property taxes do not account for a substantial portion of local government revenue. They do, however, constitute 53% of statewide K-14 funding, as stipulated by Proposition 98 (Education Revenue Augmentation Fund or ERAF). As a result of ERAF, local governments (defined as counties, cities, schools, and special districts) receive less money through a complex fund shifting process that offsets statewide general fund spending. …