General Fund Revenue
Property Taxes

Article XIIIA of the State Constitution (Proposition 13) provides that property is assessed at its 1975 fair market value until it changes ownership. When ownership changes, the assessed value is redetermined based on the property's current market value. New construction is assessed at fair market value when construction is completed. A property's base year value may be increased by an inflation factor, not to exceed two percent annually.

Although the property tax is generally considered a local revenue source, the amount of property tax generated each year has a substantial impact on the state budget because local property tax revenues allocated to K-14 schools offset General Fund expenditures. Assessed value growth is estimated based on twice-yearly surveys of the 58 county assessors and evaluation of real estate trends. Assessed value is estimated to grow 11.9 percent in 2006-07 and 9.8 percent in 2007-08.

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CHAPTER HIGHLIGHTS for Revenue Estimates Back to Top

 General Fund Revenue
  Personal Income Tax: $55.598 Billion
  Sales and Use Tax: $29.347 Billion
  Corporation Tax: $10.816 Billion
  Insurance Tax: $2.354 Billion
  Alcoholic Beverage Taxes: $325 Million
  Cigarette Tax: $122 Million
 image of black pointing arrowProperty Taxes
  Estate/Inheritance/Gift Taxes
 Special Fund Revenue

PRINTABLE BUDGET DOCUMENTS Back to Top
Budget Summary - Revenue Estimates (pdf * - 231K) -
Provides this entire Revenue Estimates Chapter in pdf format.


SCHEDULE 2 - Summary of State Tax Collections (pdf * - 9K) -
State Tax Collections per capita and per $100 of personal income.


SCHEDULE 3 - Comparative Yield of State Taxes (pdf * - 12K) -
Revenues for Major State Taxes from 1970-71 through 2007-08.


SCHEDULE 8 - Comparative Statement of Revenues (pdf * - 20K) -
Detail of General and special fund revenues by source for the past, current, and budget years within the following categories: (1) major taxes and licenses, (2) minor revenues, and (3) transfers and loans.


ADDITIONAL INFORMATION Back to Top
Board of Equalization
This site provides information about taxes levied on property, sales, fuel, cigarettes, and alcoholic beverages. The Board prepares an annual report which can be located using that site's search function.

Franchise Tax Board
This site provides information about taxes levied on personal income and on corporations. The Board prepares an annual report which can be located using that site's search function.

Tax Expenditure Report
The Department of Finance annually updates this report on major tax exemptions, exclusions, and credits. This report is posted on Finance's website within the "Financial and Economic Data" page.