News Release
For Immediate Release
May 29, 2024
NR 24-02
Contact: Peter Kim

BOE Adopts $154.8 Billion in State-Assessed Property Values for Fiscal Year 2024-25
Schools and Local Communities Set to Receive $2.5 Billion

Sacramento — Today, the California State Board of Equalization (BOE) unanimously adopted the $154.8 billion in state-assessed property values of 321 companies within California, which include telephone, gas, and electric companies, independent power producers, regulated railroads, and intercounty pipelines. In the upcoming fiscal year, California's schools and local communities will receive approximately $2.5 billion in property tax revenue resulting from the BOE fulfilling one of its core constitutional functions.

“The BOE sets property values for state-assessed properties annually, generating critically needed tax dollars for schools and local communities,” said BOE Chair Sally J. Lieber. “As a result, essential services across the state, including schools, public safety services, safety net programs, and infrastructure, will receive funding.”

While most property in California is assessed by County Assessors, the BOE is required by the California Constitution to directly assess certain public utilities, regulated railroads, and intercounty pipelines throughout the state. These properties are not subject to Proposition 13, and the BOE must annually determine the unitary property's fair market value, including improvements, personal property, and land. The BOE develops the fair market value by considering market conditions, income generated by the property, replacement costs, investments in the property, regulatory climate, depreciation, and other factors as of the January 1 lien date.

For fiscal year 2024-25, the total value increased by 6.2% from last year or $9.1 billion, generating approximately $148 million in additional tax dollars. County governments will use the values set by the BOE to levy local property taxes.

The entire list of state-assessed property values and more information on the State-Assessed Properties Program is available on the BOE website.

The California State Board of Equalization (BOE) is the only elected tax board in the country, and it is comprised of four Equalization District Members and the State Controller. Since 1879, the BOE's constitutional and statutory duties include the oversight of the 58 County Assessors to ensure assessment practices are uniform and consistent statewide. In addition, the BOE directly assesses the property of regulated railroads and certain public utilities, collects the Private Railroad Car Tax, and is responsible for the Alcoholic Beverage Tax and Tax on Insurers. BOE's critical role in property tax administration by promoting fair and equitable assessments protects the tax dollars that schools, local communities, and the State of California depend on every day.


First District
Second District
San Francisco
Third District
Santa Monica
Fourth District
San Diego
State Controller
Executive Director