This coming November, San Franciscans will have the opportunity to vote on a measure that may ultimately lead to the draining and restoration of the Hetch Hetchy Valley and force The City to look elsewhere for most of its water.
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San Francisco’s tax rate will increase to $1.1718 per $100 of assessed value, up from $1.164, after the Board of Supervisors unanimously approved the new tax property rate Tuesday. Property tax assessments will also increase under Proposition 13 by 0.753 percent, a cost of living adjustment authorized by the state.
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San Francisco homeowners can expect to pay higher property taxes this year.
For a single-family home valued at $500,000, there will be an $82.57 increase in the property tax bill compared to last fiscal year, for a total of $5,821, according to a report from budget analyst Harvey Rose.
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Good news for The City’s housing market: Property tax reduction applications are way down from last year, according to a press release Wednesday from the office of Assessor-Recorder Phil Ting.
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San Mateo County will give Genentech $26.5 million in property tax credits to settle a long-running legal dispute, but the two sides still disagree about how the biotech heavyweight has been taxed for the past decade.
On Wednesday, a Superior Court judge signed off on the settlement between the county and Genentech — the Peninsula’s largest payer of property taxes — resolving claims from a 2006 lawsuit that the company paid excess levies from 1990 through 1999.
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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.
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Property owners will catch a small tax break next year thanks to the weak economy.
The amount of the levy on properties is adjusted each year based on an inflation factor, but the state announced a negative rate Monday, leading to a statewide decrease.
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