2024-25 J-29 P-Annual Property Tax Summary

Dear School Business Professionals, The 2024-25 J-29 P-Annual Property Tax Summary is now posted on our website on the Year-End Close<sbasweb.sbceo.org/finance/year-end-close> page located here<resources.finalsite.net/images/v1754523692/sbceoorg/yvib3rvmjsgceyyftyeg/2024-25P-AnnualSummarybyColumnDistrict.pdf>. Important notes about this Property Tax Report The items below represent significant changes from the prior reporting period P-2 to P-Annual. Column A-1 Secured a) Revenue is lower than P-2 due to higher than anticipated roll corrections in the later part of the fiscal year. Increase in roll corrections due to welfare exemption removals, assessment appeals and new information that resulted in downward roll corrections. b) July 2024 posted PY negative transactions that decreased overall CY revenue. Column A-2 Unsecured a) Revenue is lower than P-2 due to higher than anticipated roll corrections in the later part of the fiscal year. Large negative roll corrections due to Assessment Appeals contributed to the decrease. b) Year End unpaid balance was higher than expected. Unsecured roll is not teetered, and the collections are apportioned when paid. Column A-6 Prior Year a) Revenue is lower than P-2 due to higher than anticipated roll corrections in the later part of the fiscal year. PY negative roll corrections due to welfare exemption removals, assessment appeals and new information that resulted in downward roll corrections. b) During the FY 2024-25, the upward roll corrections that result in Escape assessments didn’t exceed the number of downward corrections as in prior years. Column A-9 ERAF a) Decrease for all the reasons noted for A-1, A-2, and A-6 as ERAF is apportioned all those revenue streams. Out-of-County Taxes Out-of-County Taxes are only reported at P-Annual and are shown on this report for you to update your budget.
For 2025-26: Column B-3 RDA Assets (Goleta only) -. Goleta RDA has paid off the settlement. For Other Assets Funds H&S34179.6(f) FINAL Goleta (4842) . This revenue stream will cease in 2025-26. Note: Prior Year collections should be taken into consideration when developing your budget since some are one-time sources and should not be carried forward as ongoing revenues in future years. If you have any questions regarding the 2024-25 P-Annual Property Tax Report, please contact Alejandro Baeza at (805) 964-4711 x5372 or abaeza@sbceo.org<mailto:abaeza@sbceo.org>. Regards,
School Business Advisory Services Team Santa Barbara County Education Office sbasweb.sbceo.org
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