Property tax is the largest (39%) and most stable source of revenue for the City’s General Fund. Property tax revenue is driven by changes in assessed value as determined by the San Luis Obispo County Assessor’s Office. While the FY 2020-21 budget assumes a growth rate of 5% in property tax revenue, due to the unknown short and long-term impacts of COVID-19, assessed property value and the corresponding property tax revenue could decrease in the following year(s). As part of the General Fund, these revenues are used for important City services, projects and programs, including policing and public safety, community development and parks and recreation programs.
For additional information on the City’s current budget, you can review and download the FY 2020-21 Adopted Budget.