Adopt resolution setting Yolo County property tax rates for 2023-24. (No general fund impact) (Haynes/Bono)

California Government Code Section 29100 et. seq. requires the Board of Supervisors to adopt tax rates on the secured property tax roll on or before October 3rd of each year.

Article XIIIA of the California Constitution limits the property tax rate for local agencies to 1% of assessed value. However, other tax rates are set for voter-approved indebtedness to generate the amounts necessary to fund the current year's debt service requirements. Tax rates for bonded indebtedness are calculated by dividing the debt service payments by the net assessed value of the property within the applicable tax rate area. The calculated rate may be modified to reflect delinquencies, anticipated changes in the tax roll, anticipated changes in future debt service requirements, cash flow needs or other reserve requirements. These tax rates ensure that there will be sufficient funds to make the annual debt service payments on bonded indebtedness while complying with state laws. 

The County Chief Financial Officer will also enroll tax rates calculated by neighboring counties with overlapping jurisdictions as provided by those counties charged with the calculation of the tax rate, custody of funds, and payment of debt service requirements. 

The Department of Financial Services collaborated with neighboring counties to receive and provide assessed values and tax rates for overlapping areas.