Local Property Taxes Affect State Budget. Although property taxes are a local revenue source, our office forecasts statewide property tax revenue because the portion of these taxes that goes to school districts generally offsets—on a dollar-for-dollar basis—state General Fund spending on schools and community colleges. Statewide Assessed Value Set to Improve. We expect net assessed property value in the state to increase percent to $ trillion in 2012-13. (Net statewide assessed value is the main determinant of property tax revenue and consists of the combined taxable value of all property in California.) For 2013-14, we project statewide assessed value to strengthen further,.
