The revival of California’s economy and a rising housing market mean some hefty property tax increases for homeowners, the Legislature’s budget analyst believes. When property values were dropping sharply during recession, county tax assessors adjusted tax rolls downward, which then lowered property tax bills. Many property owners also applied for reductions. Read more here from The Sacramento Bee.
The estimated cost of building a key Central Valley segment of the California bullet train has increased by nearly $1 billion from the original estimate, based on figures in an environmental impact statement approved by the rail agency Wednesday. The estimate, prepared for the state by a team led by San Francisco-based engineering firm URS […]
The Vallejo city council last week voted to close a $5.2 million gap in the current budget, showing no alarm that in a five-year forecast the gap reopens, mainly driven by rising pension costs. Moody’s, a Wall Street credit rating agency, said in a report last month that Vallejo and two California cities currently in […]
Assemblyman Tim Donnelly, a Republican candidate for governor, said Wednesday that Gov. Jerry Brown should return any budget surplus to taxpayers rather than increase spending, because voters approved temporary tax increases in 2012 to shore up the state’s finances. “If Jerry Brown has a surplus, he should return it to the people he took it from — the […]
California Gov. Jerry Brown used yesterday’s “State of the State” address to congratulate himself on his state’s recovery: “A million new jobs since 2010, a budgetary surplus in the billions and a minimum wage rising to $10 an hour!” Yet he ignored the state’s obvious, lingering problems: high unemployment, a massive debt driven by pension […]