Title
Receive Bi-Annual Report from the County Assessor 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 of December 31, 2017; a projection for next year’s assessed valuation; and a summary of income generated by the County of Monterey’s Clerk/ Recorder’s Office at the mid-point of Fiscal Year 2017-2018.
As of 12/31/2017 the Monterey County Assessor’s Office had generated 4,791 Supplemental bills with a gross supplemental value of $1,117,597,559. As of 12/30/16 the Monterey County Assessor’s Office had generated 4,107 Supplemental Assessments with a gross supplemental value of $911,803,144.
2007-2008 4,122 $1,153,782,898 Average Supplemental Assessment $279,908
2008-2009 4,023 381,365,198 Average Supplemental Assessment $ 94,796
2009-2010 3,882 243,241,016 Average Supplemental Assessment $ 62,658
2010-2011 4,588 274,904,424 Average Supplemental Assessment $ 59,918
2011-2012 4,717 308,600,807 Average Supplemental Assessment $ 65,423
2012-2013 4,937 336,328,705 Average Supplemental Assessment $ 68,124
2013-2014 5,163 594,432,725 Average Supplemental Assessment $115,133
2014-2015 3,955 777,646,576 Average Supplemental Assessment $196,623
2014-2015 4,072 $1,013,440,117 Average Supplemental Assessment $248,880
2015-2016 4,107 911,803,144 Average Supplemental Assessment $222,012
2016-2017 4,791 $1,117,597,559 Average Supplemental Assessment $233,270
As of January 1, 2017 the Local Secured Assessment Roll total for the County of Monterey was $63,483,530,953 compared to last year’s July 1, 2017 value of $62,440,233,180 an increase of 1.7%. The Assessor’s Office projects an additional 3,600 anticipated supplemental assessments with a value of approximately $835,000,000, an increase of 1.3%. For the roll being prepared 8,000 properties with Prop 8 reductions will be reviewed. In 1978, California voters passed Proposition 8, a constitutional amendment to Article XIII A that allows a temporary reduction in assessed value when real property suffers a decline in value. It is estimated that this review will increase the Local Assessment Roll by another $250,000,000 an increase of 0.4%.
Revenue and Taxation Code section 51 provides that base year values determined under section 110.1 shall be compounded annually by an inflation factor, not to exceed 2 percent. Section 51(a)(1)(C) provides that, for any assessment year commencing on or after January 1, 1998, the inflation factor shall be the percentage change, rounded to the nearest one-thousandth of 1 percent, from October of the prior fiscal year to October of the current fiscal year in the
California Consumer Price Index (CCPI) for all items, as determined by the California Department of Industrial Relations.
For the coming year the inflation factor that will be used is 2.00%.
Based upon the information above the Assessor now predicts an overall increase of 5.0% in the assessment roll from 2016-2017 to 2017-2018.
Monterey County Recorder County Clerk
For Fiscal year 2017-2018 the Monterey County Recorder County Clerk projected $2,308,602 in revenue. At midyear, actual income generated is $820,042. (See Attachment A)
Documentary Transfer Tax revenue is collected by the Monterey County Recorder but is not reflected in their budget. Through the first 6 months of fiscal year 2016-2017 the County of Monterey Recorder has collected $2,451,242 in documentary tax. The County of Monterey’s share totals $1,771,802. At midpoint last year the County had received $1,592,879.
OTHER AGENCY INVOLVEMENT:
None
FINANCING:
There is no financial impact related to the receipt of this report.
BOARD OF SUPERVISORS STRATEGIC INITIATIVES:
Mark a check to the related Board of Supervisors Strategic Initiatives
X Economic Development
__Administration
__Health & Human Services
__Infrastructure
__Public Safety
Prepared by: Stephen L. Vagnini, Monterey County Assessor Clerk-Recorder, x5803
Approved by: Stephen L. Vagnini, Monterey County Assessor Clerk-Recorder, x5803
All attachments are on file with the Clerk of the Board
Attachment A - Monterey County Clerk/Recorder Fee Report FY 2017-2018