And now for more good news from San Francisco Assessor-Recorder Phil Ting.
San Francisco is expecting a significant jump in property taxes, which account for 33 percent of general fund revenues, according to Ting, who is planning to formally announce the increase at a press conference Thursday.
Earlier this week, Ting announced that transfer tax revenue has increased by more than 24 percent compared with last year. The increase of transfer taxes signifies an upward trend in the real estate market, according to Ting.
“For the first time in more than two years, we finally have some good news to report about the real estate market in San Francisco.” Ting said. “The recovery is a slow process, but the dramatic increase in transfer tax collection is one of the first discernible signs that the real estate market is trending in the right direction.”