Higher-than-Expected Local Property Taxes Good for Schools and the State

One bit of economic good news in Gov. Jerry Brown’s revised spending plan released May 16 :

Local property revenues dedicated to public schools are $626 million higher than anticipated.

That has a benefit for the state budget as well.

The more local property taxes there are available for schools, the less the state has to contribute.

Schools and community colleges have higher costs of $129 million this year  so the net savings to the state is $517 million.

And for the fiscal year that begins July 1, local property tax revenue is above estimates by $793 million.

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