City Council 06 17 2025 Agenda Item M 2 FY 25 26 Public Safety Property Tax Assessment

The City Council of Oxnard discussed the proposed public safety pension property tax assessment for fiscal year 2025-26. The council is recommended to adopt a resolution establishing the tax rates to fund voter-approved obligations related to public safety personnel pension expenses. The tax rate is projected at 5.0615 cents per $100 of assessed property value, which is a 7% increase from the current year but below the maximum allowable rate. The assessment funds pension costs for approximately 137 fire and 242 police public safety positions, with an estimated eligible expense of $22.55 million. The city also benefits from unitary property tax revenues, which help offset the required tax rate. The discussion included legal background on the tax's exemption from Proposition 13 limits and court rulings affecting benefit payments.