Term
Property Taxes (Secured)
Also known as: Real property tax, Ad valorem tax
Property tax on land and improvements (real estate) — the City's largest single revenue source.
Under Proposition 13, assessed value is capped at the purchase price + 2% annual increases until the property changes hands. Menlo Park's Secured Property Tax revenue grows ~3-5% per year mostly from new construction and turnover.
In Menlo Park
FY 2027 proposed: $23.7M (largest single GF revenue line).