New record: San Diego County collects more than $1 billion in property taxes in single day
The single day collection for property taxes beats last year’s record of $987 million. It comes as real estate values have steadily increased.
San Diego County collected more than $1 billion in property taxes in a single day in April — a new record.
The Treasurer-Tax Collector’s office collected slightly more than $1.3 billion on April 7, the Friday before taxes were due on April 10. The previous record was $987 million on the same date last year.
Property tax collection was expected to increase as residential property values sharply increased during the pandemic. The agency has collected $7.8 billion so far — higher than the $7.28 billion at the same time last year.
Treasurer-Tax Collector Dan McAllister said the money goes to funding public schools, first responders, road repair and other essential services.
“This is the first time we’ve collected over a billion dollars in a single day,” McAllister said, “and it speaks not only to San Diego’s growth as a region but also to our responsible taxpayers stepping up and paying what they owe.”
County residents owed around $8 billion in property taxes this fiscal year, and they can be paid over two installments. McAllister said 98.7 percent of the first installments have been paid, and 94.6 percent of the second installments. Final payments are due June 30, with around $163 million still left to be paid.
McAllister said it isn’t a guarantee that every year will bring in more than the following year and a lot depends on the overall real estate market. There were some years during the Great Recession when taxes were down or flat for the year, but McAllister said the overall trajectory over the last 25 years is that the total keeps growing.
The tax collector’s office oversees an investment fund of $17.2 billion in assets, such as CDs, treasuries and bonds.
Sign up for the Encinitas Advocate newsletter
Top stories from Encinitas every Friday for free.
You may occasionally receive promotional content from the Encinitas Advocate.