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Adopt a resolution setting the property tax rates for the County of Solano, cities, schools and applicable special districts for FY2019/20
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
The Auditor-Controller's Office (ACO) recommends that the Board of Supervisors (BOS) adopt a resolution setting the property tax rates for the County of Solano, cities, schools and applicable special districts within the county of Solano for FY2019/20.
SUMMARY:
In accordance with Government Code Section 29100, the BOS is required to set the property tax rates for the County of Solano, cities, schools, and applicable special districts within the county of Solano on or before October 3rd of each year. The Code requires the BOS to levy the rates of tax on the secured and unsecured rolls at not more than ONE DOLLAR ($1.00) per ONE HUNDRED DOLLARS ($100.00) of the full cash value of the property. Also, pursuant to Revenue and Taxation Code Section 93(c), included in the tax rate schedule in Exhibit 1, are the ad valorem tax rates for schools and special districts to collect for the payment of the principal and interest on their respective voter-approved bonded indebtedness.
FINANCIAL IMPACT:
There is no financial impact in adopting this resolution. However, the action establishes the property tax rates necessary to levy taxes for the operations and debt service requirements of the County, cities, schools, and applicable special districts within the county of Solano for FY2019/20. The costs associated with preparing the agenda item is nominal and absorbed by the department's FY2019/20 Adopted Budget.
DISCUSSION:
Proposition 13 was passed by the California electorate in 1978 to set the property tax rate statewide at 1% of the full cash value of the property. Additional taxes levied in excess of 1% require voters' approval. The ACO calculates the property tax rates for the Genera...
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