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For the 11th year in a row, San Mateo County’s property tax revenue has come in above the prior year but at a slimmer rate than in years past, validating assertions from officials that economic growth would slow, according to fiscal year 2021-22 tax highlights released by the San Mateo County Controller’s Office.
“Property taxes are an important source of funding for local governments, enabling them to provide services to their communities such as fire protection, public safety, health services and education,” wrote County Controller Juan Raigoza in his annual Property Tax Highlights announcement.
More than $3.3 billion were collected by the county in property tax revenue for fiscal year 2021-22, up by $129 million or 4% compared to last year, according to the County Controller’s Office.
While revenue is up, growth between years has shrunk. For about six years, the county’s assessed value growth rate has hovered between 7% and 8%, peaking in fiscal year 2018-19. This year’s growth rate fell by 3% compared to last year. Officials have warned growth would slow but have also touted the county’s diverse business makeup as a safeguard against harder economic struggles.
Of this year’s collections, nearly $2.7 billion was collected through the county’s 1% general tax, an increase of $108 million, or 4%, compared to the prior year. Those funds are distributed among a number of agencies with 51% going to school districts, 23% to the county, 15% to cities, 7% to special districts and 1% to former redevelopment agencies.
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Another $322.2 million in debt services was collected largely through school bonds approved by voters over the years. And a total of $340.2 million was collected through special charges levied by cities and special districts for things like storm and sewer systems, road improvements and library, fire and garbage services.
Cities that received the most from the fund include Redwood City at $73.3 million, San Mateo at $72.3 million, South San Francisco at $47.4 million, Daly City with $45.5 million and Menlo Park with $31.8 million.
“It’s important to our team that we provide taxpayers and residents visibility into the property tax dollars they pay and where those dollars go,” Assistant Controller Kristie Silva said in a press release Monday.
A total of 259,933 tax bills were issued in fiscal year 2021-22. Only about 0.35% of taxpayers end up delinquent on their bills with the county having a delinquency rate below 1% for the last 10 years.
About $22.4 million was refunded to property owners after reassessment.
The county’s top 10 taxpayers for fiscal year 2020-21, covering 7.02% of total taxes billed or $210 million, include Pacific Gas and Electric with $34.7 million; Genentech with $31.8 million; Gilead Sciences Inc. with $29.2 million; real estate firm Hibiscus Properties LLC with $22.8 million; United Airlines with $19.1 million; Google Inc. with $17.1 million; Facebook Inc. with $15 million; real estate firm ARE with $13.8 million; real estate firm HCP Oyster Point with $13.4 million; and real estate firm Slough BTC LLC with $13.1 million.
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