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6.1.D. - Page 161
<br />Schedule 5
<br />CITY OF REDWOOD CITY, CALIFORNIA
<br />ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
<br />Last Ten Fiscal Years
<br />Note: In 1978 the voters of the State of California passed Proposition 13 which limited basic property tax to a total maximum rate of 1%
<br />based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation
<br />factor" (limited to a maximum of 2%). With few exceptions, property is only reassessed at the time that it is sold to a new owner. At that
<br />point, the new assessed value is the purchase price. The estimated market value of taxable property is not available.
<br />The amount shown above includes assessed value data for both the City and the Successor Agency to the former Redevelopment Agency.
<br />* The direct tax rate calculation does not include the property tax amount that is shifted from local agencies by the State of
<br />California to the Educational Revenue Augmentation Fund used to support K-14 education.
<br />Source: San Mateo County Assessor's records
<br />134
<br />Real Property
<br />Personal Property
<br />Less:
<br />Total Taxable
<br />% Increase/
<br />Effective
<br />Fiscal
<br />State
<br />Locally
<br />Locally
<br />Tax Exempt
<br />Assessed
<br />(Decrease)
<br />Direct Tax
<br />Year
<br />Assessed
<br />Assessed
<br />Assessed
<br />Property
<br />Value
<br />Over Prior Year
<br />Rate*
<br />2007
<br />4,342,506
<br />12,521,555,794
<br />579,933,721
<br />441,803,730
<br />12,664,028,291
<br />7.84
<br />0.2420
<br />2008
<br />5,003,014
<br />13,671,991,606
<br />586,031,204
<br />541,024,340
<br />13,722,001,484
<br />8.35
<br />0.2439
<br />2009
<br />5,003,014
<br />14,734,164,661
<br />676,178,812
<br />642,703,087
<br />14,772,643,400
<br />7.66
<br />0.2350
<br />2010
<br />5,003,014
<br />14,885,525,123
<br />757,610,502
<br />664,018,869
<br />14,984,119,770
<br />1.43
<br />0.2397
<br />2011
<br />5,003,014
<br />14,673,871,469
<br />770,364,641
<br />704,940,601
<br />14,744,298,523
<br />(1.60)
<br />0.2373
<br />2012
<br />1,466,946
<br />14,712,120,582
<br />674,899,038
<br />646,459,575
<br />14,742,026,991
<br />(0.02)
<br />0.2030
<br />2013
<br />1,466,946
<br />15,154,966,352
<br />763,901,657
<br />766,118,316
<br />15,154,216,639
<br />2.80
<br />0.2101
<br />2014
<br />1,466,946
<br />16,187,528,735
<br />785,538,767
<br />726,787,642
<br />16,247,746,806
<br />7.22
<br />0.1921
<br />2015
<br />1,466,946
<br />17,089,497,213
<br />816,665,290
<br />791,008,571
<br />17,116,620,878
<br />5.35
<br />0.1920
<br />2016
<br />1,591,555
<br />18,644,533,868
<br />801,908,976
<br />731,483,833
<br />18,716,550,566
<br />9.35
<br />0.1944
<br />Note: In 1978 the voters of the State of California passed Proposition 13 which limited basic property tax to a total maximum rate of 1%
<br />based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation
<br />factor" (limited to a maximum of 2%). With few exceptions, property is only reassessed at the time that it is sold to a new owner. At that
<br />point, the new assessed value is the purchase price. The estimated market value of taxable property is not available.
<br />The amount shown above includes assessed value data for both the City and the Successor Agency to the former Redevelopment Agency.
<br />* The direct tax rate calculation does not include the property tax amount that is shifted from local agencies by the State of
<br />California to the Educational Revenue Augmentation Fund used to support K-14 education.
<br />Source: San Mateo County Assessor's records
<br />134
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