If you’re a property owner in California, you’re probably wondering what the Proposed certified tax rate is. This rate is the same as the ad valorem tax rate you paid last year, and it will generate the same amount of revenue this year as it did last year, plus growth. The county treasurer reported last year’s budget at $10,000, and the county assessor estimates the new growth in the year.
Once approved, the governing body of California has fifteen days to review the proposed certified tax rate and certify it. The executive secretary may recommend changes to the tax rate and issue a report. After the report is submitted, the local legislative body must certify the tax rate as certified by the State Board of Equalization. Finally, the state legislature must approve the resolution levying the tax rate. However, this process can be lengthy, so be sure to know how the process works in your jurisdiction.
The proposed certified tax rate of 0.000553 is the lowest rate allowed under state law. It is intended to generate an additional $26,113 in property tax revenue during Fiscal Year 2022-2023. During the hearing, Mitchell will explain the reasons behind the proposed tax rate. The proposed tax rate is also the lowest rate in the past three years. The county board of equalization may not require this procedure if the tax rate is higher than the current one.
The proposed certified tax rate is calculated from updated property values. This process is called periodic reappraisal, and is meant to ensure that the tax burden is equally distributed among all taxable properties in the county. The process of reappraisal is set forth in State law. Moreover, it requires the involvement of the State Board of Equalization. The taxing entity’s proposed certified tax rate is based on these property values.
The governing body of a local government must adopt a new tax rate no earlier than 60 days after it receives the appraisal roll. It must also adopt a tax rate that is higher than the voter-approved tax rate seventy-one days before the next uniform election date, which usually occurs in November. By that date, the tax assessors must prepare and mail tax bills to property owners. While there are some exceptions, the proposed certified tax rate is the lowest in Davidson County’s history.
The DFA must also know how much revenue tax must generate for the governing body to be able to meet its expenses. This information is provided by the budgets of each taxing entity. After reviewing this information, the DFA will determine whether the proposed certified tax rate will result in the required increase in taxes. This will also allow the taxpayer to make an informed decision. The proposed certified tax rate is an important document to read and understand.