Reaching $2.6 billion in the 2017-18 fiscal year, property taxes collected in San Mateo County increased for the seventh year in a row as properties’ assessed values continue to rise countywide, according to a property tax report released by county officials Monday.
Largely due to property sales and new construction, the total assessed value of properties in the county reached $208 billion last year, according to the report. Acknowledging the county logged assessed values of $143.3 billion in the 2008-09 fiscal year, Assistant Controller Shirley Tourel noted the year-over-year growth in assessed value is reflected in the steady increases in property tax revenue distributed to dozens of local government agencies in recent years.
“We haven’t seen such trends as we’re seeing in the past 10 years,” she said.
According to a press release, total assessed values and taxes in the county have increased between 6 percent and 8 percent each year since fiscal year 2013-14. In the 2017-18 fiscal year, they resulted in some $2.1 billion levied from the 1 percent general tax, $246 million from bonds and $263 million from special charges, according to the report.
Of the $2.1 billion generated by the 1 percent general tax, some 46 percent was distributed to school districts, 25 percent went to the county, 16 percent was distributed to cities, some 11 percent funded special districts and 2 percent went to redevelopment successor agencies, according to the report.
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Topping the list of the highest-paying taxpayers last year was Pacific Gas & Electric, which was billed $25 million in the 2017-18 fiscal year. Genentech, United Airlines and Gilead Sciences received property tax bills of $22.8 million, $19.8 million and $18.3 million, respectively. Also included in the top 10 taxpayers last year were Google, Facebook, Oracle, American Airlines, lessor Slough BTC and real estate firm Peninsula Innovation Partners, according to the report.
Tourel noted the diversity of industries represented in the 10 top taxpayers, which were billed a total of $133.2 million, or 5.7 percent of the total taxes billed last year, shows the county’s tax base is broad and is not reliant on just a few companies for its entire tax roll.
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