Property Tax Information
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General Obligation Bonds
A general obligation (GO) bond is a voter-approved loan (the bond) to a local or state government in order to build, improve, repair, remodel and/or equip its facilities. For school GOs, the repayment of the bond is made through an annual assessment on properties within the district and repaid by the district’s taxpayers, not by the district itself.
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FAQs
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What is a general obligation bond?
General obligation (GO) bonds allow local governments to fund the building, repair and equipping of facilities through the sale of debt obligations to investors. Bond funds may not be used for the payment of salaries or benefits.
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Do GO bonds require voter approval?
Yes. GO bonds for California school and community college districts require approval by 55% of the votes cast. GO bonds for all other local California governments require two-thirds approval.
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How are GO bonds repaid?
Local government GO bonds are repaid through an annual assessment on taxable property (e.g., commercial, industrial and residential).
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My property tax bill lists an ad valorem tax. What does this mean?
An ad valorem tax is based on the value of the asset being taxed. For a GO bond, this term refers to the assessed value of the property.
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Are there any exemptions (e.g., seniors) offered for the repayment of GO bonds?
California state law does not provide for any type of personal exemptions for the repayment of GO bonds.
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I do not have children in Palm Springs USD. Why am I being charged for a bond?
Annual taxes for the repayment of a school bond is levied on all privately-owned property within a school district’s boundaries with the exception of certain exempt properties such as churches.
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Why did my Palm Springs USD property tax bill increase in 2021-2022 over 2020-2021?
In March 2021, the district sold $118 million of GO bonds approved by voters in November 2016. The increased tax levy of $46.96 per $100,000 of assessed valuation was consistent with the amount published in that election’s sample ballot and distributed to all voters.
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What amount of Palm Springs USD GO bonds have been approved by voters?
Since the year 2000, Palm Springs USD voters have approved $710.5 million of GO bonds as follows:
- Measure S (Nov. 2000): $72.5 million
- Measure T (Nov. 2004): $122 million
- Measure E (Feb. 2008): $516 million
In addition, in November 2016, Measure I reauthorized $216.46 million of bonds previously approved in 2008 under Measure E
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What was "yes" vote for these GO bond measures?
- Measure S: 73%
- Measure T: 73%
- Measure E: 62%
- Measure I: 74%
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What are the current tax rates for each of the four bond authorizations?
Tax rates for fiscal year 2023-2024, (provided by Riverside County for Palm Springs USD) are listed below per $100,000 of assessed valuation:
- Measure S (2000 Election) - $13.39
- Measure T (2004 Election) - $22.98
- Measure E (2008 Election) - $60.00
- Measure I (2016 Election) - $48.56
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When will these bond authorizations be fully repaid?
- Measure S: August 1, 2033
- Measure T: August 1, 2036
- Measure E: August 1, 2037
- Measure I: August 1, 2035 (estimated)
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Why do the tax rates for a bond measure change from year to year?
Annual tax rates are determined by the amount of bond principal and interest to be repaid in each year as well as the year’s assessed valuation. Every year a new tax rate is recalculated by the county based on these changing values.
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What entity is responsible for establishing the tax rates for each bond measure?
Tax rates for California school and community college district general obligation bonds are set by the County Assessor’s Office.
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In March 2021, Palm Springs Unified School District (PSUSD) sold $118 million in General Obligation Bonds (GO Bonds, bonds) that were reauthorized by PSUSD voters in an election held on November 8, 2016. In the official tax rate statement that accompanied the Board of Education resolution on the sale of these bonds, the tax rate that would be required to be levied to fund these bonds during the first fiscal year after the last sale of the bonds (which would be this tax year (2021-2022)) would be $0.0478 per $100,000 of assessed valuation of your property. This increase would be in addition to the existing property taxes currently being paid by PSUSD property owners that were approved by PSUSD voters in elections held on November 7, 2000, November 2, 2004, and February 5, 2008.
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For a property tax assessment information contact:
Office of the Treasurer-Tax Collector – www.countytreasurer.org
4080 Lemon Street
Riverside, CA 92501
951-955-3900
Email: rcttc@rivco.org
