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January 2019

Proposition 98 Overview

Proposition 98 Property Tax Revenue Estimates Under Governor's Budget

(Dollars in Millions)

  2017-18 2018-19 2019-20
Property Tax Components      
Base property tax revenue $20,651 $21,843 $23,248
Educational Revenue Augmentation Fund (ERAF) 1,164 1,174 1,286
Redevelopment agency (RDA) dissolution 1,907 1,970 2,132
Excess taxes -1,112 -1,148 -1,281
Total $22,610 $23,839 $25,384
Year-over-year change      
      Amount $1,215 $1,229 $1,545
      Percent 5.7% 5.4% 6.5%
Difference From Budget Act Estimates $374 $316 $375
Growth in Assessed Property Value 6.2% 6.0% 6.8%