Alameda property owners can expect higher property tax bills this year, which should arrive any day now.
The higher bills are due to a rebound in the real estate market, and an increase in the amount they pay for Alameda Unified School District tax bonds under Measure I, which voters approved last year.
The Alameda County Tax Assessor’s office delivered the 2015 to 2015 local assessment roll in July of this year, reporting a total roll of $245.5 billion, reflecting an increase of $16.2 billion, or 7.08 percent, over last year’s roll.
According to a media release from the assessor’s office,”17,000 properties that had received temporary reductions in assessed values last year due to market value declines were totally restored to their Proposition 13 indexed base year value adding $1.3 billion to this year’s roll.”
Many property owners may notice their assessed values increase by more than the 1.01998 percent permitted by Proposition 13; these would be properties that were granted temporary value reductions, but have seen a sharp rebound in market value that catches them up to, or closer to, their Proposition 13 base index value.
Also contributing to the higher tax bills is the school tax bond measure.
Measure I authorized the school district to borrow $180 million in bonds to pay for a laundry list of repairs and upgrades to local schools, paid back through a tax of $60 per $100,000 of assessed value levied on Alameda properties.
The new tax this year is on top of the 2004 Measure C tax bond levy; those bonds are not yet paid back.
A sampling of a handful of current property tax bills available through the tax collector’s website shows that some properties are seeing their school tax bond line amount, “SCHOOL UNIFIED,” more than double.