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CITY OF OAKLAND
PROPERTY BASICS
2023-24 Property Tax Review
2024-25 Property Tax Forecast
Values lag 12-18 months being reflected on the tax rolls PROPERTY TAX TIMELINE 2024-25 –Next Fiscal Year Budget January 1st lien date.
Assessor applies CCPI per Prop 13, uses prior
calendar year property information .
(January 1, 2024 – based on 2023 events)
Between January 1 and June 30, 2024
assessor applies Prop 8 changes, roll
changes and roll corrections and closes roll.
Auditor receives the roll on July 1st
and applies taxing percentages and
direct assessments (July 1, 2024)
Treasurer/tax collector receives the roll August
31. The tax bills are printed and mailed.
Tax bills mailed September 2024
Taxpayers pay taxes due
November 2024 and
February 2025
Delinquent after
Dec. 10 and April 10
Auditor apportions revenue to
local agencies between November
2024 and August 2025
Treasurer
Tax
Collector
WHAT PROPERTY IS TAXED?
Secured Roll
Unsecured Roll
Utility Roll
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THE COUNTY DEPARTMENTS THAT MANAGE PROPERTY TAXES
ASSESSOR
Appraises property, enrolls new construction,
market value of sales, and administers appeals
AUDITOR CONTROLLER
Extends the tax roll, applies the 1% base levy,
any voter approved debt and direct assessment levies.
Apportions revenue after taxes are paid.
TREASURER-TAX COLLECTOR
Prints and mails the tax bills and collects taxes based on the information provided by the Auditor.
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The average increase in value over the past
25 years in the Entire City of Oakland
(General Fund and Successor Agency) has
been 6.67%. There were 4 years of either
declining or flat growth during the great
recession.
2021-22 – during the pandemic posted the
largest increase since 2006-07. Pent up
demand for homes, stay at home orders
lifted, and low interest rates drove this
increase.
City values doubled between 1990-91 and
2007-08 and again between 2007-08 and
2022-23. Values today are 4 times those in
1990-91.
25-YEAR VALUE HISTORY
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There is $56.6 billion in value in the City of Oakland’s General Fund. $50.6 billion in value in parcels outside of the successor agency and $6 billion in value in the base year values inside the SA.
It will require an additive of $566 million in new value to increase General Fund revenue by 1% in 2024-25. 1% of 5,660,000,000= $566 million.
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HOME PRICES THROUGH THE RECESSION
AND RECOVERY
The peak home sale price in Oakland before the
Great Recession was seen in 2007 when the
median sale price for a single-family home was
$495,000. The low point was in 2011 when the
median sale price of a SFR was $220,000.
In 2015 the sale price at $515,000 exceeded the
pre-recession high-8 years to recover.
There were 1,000 fewer single-family homes sold
in the City in 2023 in comparison with 2022 – a
decline of 30% of units sold and the lowest
number of home sales over the past 20 years. The
price of a SFR fell -5.88% in 2023 year-over-year
price decline of $50,000.
This is the main reason for forecasting a lower
increase for 2024-25. This is the major
component other than the annual CPI applied and
will be responsible for about 50% of the annual
growth seen in the City.
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As previously discussed, it will require $566 million in additional value to increase the General Fund revenue component by 1%. Sale transactions in 2023 will add $1,026,279,387. This is the equivalent of 1.84% in comparison to the GF growth of this element in 2022 for the 2023- 24 FY additive of 3.67%. Citywide, including the former RDAs, the growth due to sale transactions was 2.96% this fiscal year and will be 1.74% in 2024-25.
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• The baseline forecast for the current 2023-24 FY
was growth of 5.13% without an additive for
completed new construction. With new
construction added this estimate and the unsecured
additive the estimate would have been growth of
6.17%.
• The total actual growth seen on the roll released by
the assessor resulted in value and revenue increase
for the General Fund in 2023-24 of 6.48% year-
over-year.
• The baseline estimate for 2024-25 is 3.58%. New
construction values added like that reported in
2023-24 (0.57% in the General Fund) would grow
this number to 4.15%.
• Budget conservatively and adjust midyear for those
items that cannot be accurately quantified--Prop 8
reductions or new and progress construction
completions enrolled by the Assessor.
HOW WAS THE HdLCC ESTIMATE FOR 2023-24?
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