Title
Receive the Bi-Annual Report from the Assessor County Clerk Recorder.
Report
RECOMMENDATION:
It is recommended that the Budget Committee receive the Bi-Annual Report from the Assessor-County Clerk-Recorder.
SUMMARY/DISCUSSION:
The following is a summary report of Supplemental Assessments for the County of Monterey as provided by the County Assessor’s Office and a summary of income generated by the County Clerk/Recorder’s Office for the Fiscal Year 2024-2025.
The 2024-2025 assessment roll prepared by the assessor in accordance with Section 601 of the Revenue and Taxation Code, totals $96,529,225,157. This figure does not include property assessed on the supplemental roll or State Board of Equalization assessed utilities. It is also net of all exemptions except the Homeowners Exemptions.
The corresponding figure for 2023-2024 was $92,279,619,013. The increase in taxable value was 4.61% when the Homeowner’s exemptions are included in total value.
There are currently 2,645 properties with Proposition 8 values in Monterey County. Last year there were 2,114 properties with Proposition 8 values in Monterey County. Proposition 8 was passed in 1979 and requires the Assessor to temporarily lower the assessed value of property. Under Proposition 8 the assessor will review the market value as of January 1 and enroll the following tax year the lesser of the Factored-Base Year Value or the Proposition 8 Market Value. Reductions in assessed value under Proposition 8 are temporary and are reviewed annually until the Factored-Base-Year value is again lower than market value and is reinstated. Exhibit A details the breakdown of Assessed valuations by the cities and unincorporated area of Monterey County.
For Fiscal Year 2024-2025 the Monterey County Recorder County Clerk projected $2,626,000 in revenue. Actual revenues collected by the Clerk Recorder’s Office for fiscal year 2024-2025 were $2,011,975 a deficit of $614,000.
Documentary Transfer Tax revenue is collected by the Monterey County Recorder but is not reflected in their budget. For fiscal year 2023-2024 the County of Monterey’s share of Documentary Tax was $3,409,048. For Fiscal year 2024-2025 the County of Monterey’s share was $3,756,700 an increase of $347,652. The Federal interest rates continue to remain below 7%, very minimal change from Spring 2024, which continue to impact the reduction in document recordings. Exhibit B is a detailed breakdown of revenues collected by the Clerk Recorder’s Office.
OTHER AGENCY INVOLVEMENT:
None
FINANCING:
No impact to the County General Fund by receiving this report.
Prepared and Approved by:
Xochitl Marina Camacho, Assessor-Clerk/Recorder (831) 755-5874
Attachments:
Exhibit A - County of Monterey AV Growth 2025
Exhibit B - 2024-2025 Monterey County Clerk-Recorder Fee Report