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January 2018

Proposition 98 Overview

Proposition 98 Property Tax Revenue Estimates Under Governor's Budget

(Dollars in Billions)

  2016-17 2017-18 2018-19
Base property tax revenue $19.4 $20.6 $21.8
ERAF 1.6 1.5 1.5
RDA dissolution 1.4 1.5 1.6
Excess taxes -0.9 -1.0 -1.1
Total local property tax revenue $21.4 $22.5 $23.8
Year-over-year change      
Amount $1.7  $1.0 $1.3
Percent 8.8%  4.9% 5.7%
Difference from Budget Act $0.5 $0.6 $0.8
Growth in assessed property value 5.3% 6.0% 5.6%
       
ERAF = Educational Revenue Augmentation Fund. RDA = Redevelopment agency.