Property owners are expected to see their property taxes increase this year. For the owner of a property valued at $500,000, for example, the increase would be $11.
Across the board, the property tax rate is proposed to increase slightly by .43 percent for a rate of $1.164 for the current fiscal year. That’s an increase of $0.005. The causes of the increase: increasing debt service for The City, the San Francisco Unified School District and BART.
Landlords are allowed to pass through some of the cost to tenants. This fiscal year, the pass-through rate is proposed at “$0.048 percent $100 of assessed value, a $0.010, or 26.3 percent increase from” the fiscal year 2009-10 pass-through rate of $0.038, according to a report on the proposal by Budget Analyst Harvey Rose.
The Board of Supervisors Budget and Finance Committee meets Wednesday, at 11 a.m., in Room 250 at City Hall, to vote on legislation that would set the property tax and pass-through rates. The full board would have to approve the legislation for it to go into effect, which it is expected to do.