With a percentage growth of 12.5%, Menlo Park led San Mateo County in increased property tax assessment for 2016-17. Atherton was fourth on the list with a gain of 9.25%. Others in the top five include #2 Redwood City (+9.86%), #3 Foster City (+9.25%), and #5 Hillsborough (+7.79%).
“The [Property Assessment] Roll is now nearly 35.5% larger than it was in 2010,” said San Mateo County Assessor Mark Church. “This is the fifth year in a row that a new historical high has been set, and the sixth consecutive year the Roll has moved in a positive direction, reflecting the county’s thriving economy.”
“As home to industry leaders in the fastest-growing sectors of the world economy, business expansion within San Mateo County again created significant growth of new construction, high job growth and increasing real estate prices, resulting in another record roll value” Church added.
The shared property tax funding base is approximately 1% of the county’s property assessment roll, and will thus increase to $1.91 billion. Approximately 45% of revenue is allocated to schools within the county, 22% to the County, 17% to cities, 9% to special districts, and 7% to former redevelopment agencies. “The county’s share will be approximately $420 million, an increase of $29.7 million over last year,” said Church.
The Property Assessment Roll is the assessed value of all properties as of January 1 each year, and reflects changes in ownership, new construction, and declines/restorations in value from the previous January 1. The Property Assessment Roll is composed of two sections, the Secured Roll and the Unsecured Roll. When combined, the two sections are referred to as the Combined Roll.