The proposed Property Tax rate for the City and County of San Francisco will decrease 0.23 percent from $1.1718 per $100 of assessed value in the current Fiscal Year to $1.1691 per $100 of assessed value for Fiscal Year 2012-2013.
Allocation of the tax dollars is as follows:
The State has authorized a maximum allowable increase of 2.0% in assessed value this year for properties that haven’t changed hands or been improved while the proposed pass-through rate to residential tenants will increase to $0.081 per $100.00 of assessed value for landlords, up from $0.06 in the current fiscal year.
San Francisco’s Board of Supervisors is set to vote on the changes tomorrow afternoon.
Wow! How long has it been since there was a drop?
You mean I can charge my tenants for up to $410/yr of property tax, on top their rent? Who knew?
Thank Ben. Lower bond borrowing rates are being passed through to property owners.
Actually, the change appears to be 0.23 basis points, which is a .0023% decrease. This will save me something less than $25 per year, so it’ll be good for a dinner at the local taqueria maybe.
[Editor’s Note: Actually, the change in the rate is .27 basis points which is a .23 percent drop from $1.1718.]
Does anyone have experience / advice on contesting the annual 2% assessed value increase? I bought in 2011 and just refi’d with an appraisal that came in at the 2011 purchase price.
I was considering contesting the 2% increase to see if I could get my assessed value to stay the same. It doesn’t make a huge difference in the short term, but over the long term, that 2% increase compounds and becomes meaningful.
Greg, I was successful in getting my appraised value lowered for ’08/09. Keep in mind that the 2% annual increase is always based on the original purchase price though, so they can raise it by more than 2% later. For example, my assessed value dropped by around 10% the year that I appealed, but it got increased by around 7% a year later. It is worth a shot to save a little bit of money this year, but keep in mind that you are only going to save 2% of your annual tax bill though.
What?! Do I read correctly, cheering over lowered property taxes however miniscule it is? Where are all the socialist libs protesting and demanding that taxes of any and all kind get raised??? But . . . where will their welfare checks and bon bons come from now???!!!
did anyone notice that your tax bill for 2012-2013 will actually be more based on the 2% home value increase?
momonthego, I’m not sure I totally understand your question, but I expect my tax bill to be slightly lower. My assessed value is unchanged from last year (so they didn’t increase it 2%), and the tax BTW, my assessed value is more now than it was when I purchased in 2006.
Lance — Thanks for the info — very helpful.
So it sounds like I could try to get the 2% increase waived for this year, but then it’s likely that they would come back in a year or two and try to get the full 2% per year applied — so the benefit is really only short term. I didn’t know they could effectively “bank” the 2% increases.
Greg, no worries. My previous response to momonthego got mangled. What I was saying is that my assessed value is unchanged, and since there is a slightly lower tax rate (per the above), I expect my taxes to decrease slightly.