The rollercoaster that is the real estate market in California may be about to take a dive but for the public coffers it’s been a fun ride. Over the last decade, the housing boom has nearly doubled property tax revenues, despite the lasting effects of Proposition 13.
Real Estate Windfall
1995 Property Tax Revenues $19.3 billion
2004 Property tax Revenues $31.8 billion
- Property Taxes: 2002-03 Annual Report, State Board Of Equalization (.PDF)
- “A boom that won’t bust?,” Reuters/CNNMoney
- Another Property Tax Shift?, Analysis of the 2004-05 Budget Bill, The California Legislative Analyst’s Office
- Field Guide to Impacts of Property Taxes on Real Estate: California’s Proposition 13, National Association of Realtors
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