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56 <br /> MAJOR GENERAL FUND REVENUES <br /> PROPERTY TAXES, cont. <br /> Personal Property Taxes <br /> Personal Property Tax is assessed at the rate of 1% of the market value on a business' <br /> personal property, such as office furniture, machinery and other equipment. The tax is <br /> billed by Alameda County in a single installment due August 31 st, and most of the amount <br /> due to the City is remitted in September and credited to the General Fund. <br /> Analysis <br /> Factors that affect the revenue generated by property taxes are: <br /> ➢ Changes in assessed values, which are caused by inflation adjustments up to 2% <br /> of construction activity, sales of properties and Proposition 8 reassessments <br /> ➢ Economic growth in the Bay Area <br /> ➢ Supplemental Taxes are affected by sales of real property and/or new construction <br /> in the City that occurs after the assessment lien date (of January 1 std until the end <br /> of the fiscal year (June 30th) <br /> ➢ Factors that have affected the revenue generated by VLF in the past include the <br /> sales of new vehicles in California, DMV administrative costs, and the proportion <br /> of San Leandro's population to the total for the State and County. Starting in 2005- <br /> 06, the rate of growth in the assessed values of properties also impacted VLF <br /> revenues, as the amount of the VLF backfill paid decreased by the change in gross <br /> assessed values of taxable properties. <br /> ➢ Factors that affect the revenue generated by taxes on personal property are <br /> business capital expenditures growth, and the collection rate. The growth in <br /> annual personal property tax revenues should generally be close to the growth in <br /> annual assessed values, except for significant changes in collection rates. <br /> Forecast <br /> The revenue projection for Real Property Tax revenue is primarily based on the annual <br /> County Assessor's Office estimate of assessed values, which is provided before May 10th <br /> each year. The difference between the estimate in May and the actual certification in <br /> August is generally small. <br /> Changes in Description 2014 2015 2016 2017 2018 2019 <br /> Taxable (Dollars in thousands) <br /> Assessed Taxable Assessed Value $10,456,620 $10,422,022 $11,194,017 $12,449,448 $12,415,830 $13,215,881 <br /> Value $Change Assessed Value $ 575,391 $ (34,598) $ 771,995 $1,255,431 $ (33,618) $ 800,051 <br /> %Change Assessed Value 5.82% -0.33% 7.41% 11.22% -0.27% 6.44% <br /> w m <br /> whn , <br />