Report: California median incomes falls for first time in 10 years

Print
Image 

 

 


LAKE COUNTY, Calif. – The latest report on the state's median income showed that in 2009 incomes for Californians dropped for the first time after steady increases over the last decade.


The California Franchise Tax Board's report, released in March, showed that statewide median income for all personal income tax returns decreased to $34,079, 5.1 percent below the $35,923 reported in 2008.


At the same time, median income listed on joint returns decreased to $65,025, 5.7 percent below 2008, the Franchise Tax Board said.


The agency reported that “median income” – which represents the amount reported by a typical California individual or couple – is the point where one-half of the income reported on tax returns is above and one-half is below the midpoint of the range of values.


California taxpayers filed 15.3 million 2009 state income tax returns reporting $1.08 trillion in adjusted gross income, a 2.9 percent decrease from 2008 figures. Adjusted gross income is total income increased or reduced by specific adjustments, before taking the standard or itemized deduction.


In 2009, Lake County residents filed 21,343 returns, with an adjusted gross income of $837,384,000, the state said.


There were 9,492 joint returns filed in Lake County in 2009, for a median joint income of $45,428, a rank of 48 statewide. The state said total tax assessed for the county in 2009 was $22,978,000.


Lake County's median income for 2009 was $28,307, down 4.9 percent from the 2008 number, $29,790. Its median income earned the county a statewide rank of 45 in 2009.


Unlike the state, the county's median income actually began dropping following its peak of $30,071 in 2006. In 2007 it went down 0.7 percent to $29,855, and experienced a smaller decrease, 0.2 percent, to $29,790 in 2008.


In other findings, the Franchise Tax Board said that four Bay Area counties – Contra Costa, Marin, San Mateo and Santa Clara – have led California for 38 years in reported highest median incomes.


Marin County had the highest median income for joint returns at $108,465, a decrease of 8.6 percent from 2008; San Mateo County ranked second with $95,176; Santa Clara County ranked third with $94,209; Contra Costa County ranked fourth with $85,942; and Alameda County ranked fifth with $83,886, according to the report.


Los Angeles County taxpayers filed 25.5 percent of all 2009 income tax returns in California, reporting median incomes of $30,112 for all returns, the state said.


The state said the largest percentage gain in median income for all counties was 7.5 percent, reported in Alpine County.


E-mail Elizabeth Larson at This email address is being protected from spambots. You need JavaScript enabled to view it. . Follow Lake County News on Twitter at http://twitter.com/LakeCoNews, on Facebook at http://www.facebook.com/pages/Lake-County-News/143156775604?ref=mf and on YouTube at http://www.youtube.com/user/LakeCoNews.