Tech boom lifting property tax haul

S.F. Examiner File PhotoTweet suite: Mayor Ed Lee

S.F. Examiner File PhotoTweet suite: Mayor Ed Lee

The resurgence of San Francisco’s technology industry and the related property boom helped to add $6 billion to city tax rolls over the past year, Assessor-Recorder Phil Ting announced Wednesday. The total property-tax roll now amounts to nearly $170 billion in gross value, up 4.2 percent since the past fiscal year.

“We continue to feel the real estate market is coming back,” Ting said, noting that much of the boost has been realized in commercial office spaces in the tech-heavy South of Market neighborhood.

The housing crash of 2008 prompted the Assessor-Recorder’s Office to issue 18,000 temporary valuation reductions for homes with lower market value than assessed value, but Ting said that type of adjustment will soon come to an end.

“This year may be one of the last doing reductions for homeowners,” Ting said.

Property owners should receive notifications of assessed values by mid-August, along with information about whether they’ve been granted a temporary reduction.

While San Francisco was unique among California counties in experiencing tax growth throughout the recession, Ting said, the latest rise doesn’t equal the assessment spikes seen during the height of the housing market in 2006 and 2007, when property tax rolls grew by 8.7 percent.

While much of that 2006-07 increase was seen as a result of home values, Ting said office buildings and other rental properties are playing a bigger role in the current growth.

“Now there is much more of an equilibrium between rentals and the market to own a home,” he said.

The main driver of property-tax growth is now office-building sales such as Twitter’s new headquarters in a former furniture building on Market Street, Ting said. New development for projects at the Transbay Transit Center, the Hunters Point Shipyard, Treasure Island and Mission Bay areas will continue to amp up San Francisco’s tax revenues over the coming years, he said.

Property taxes bring in $2 billion annually, nearly one-third of San Francisco’s total annual budget.

According to recent data from Novato-based RealFacts, the average apartment in San Francisco now costs more than $2,700 per month. data show the average home sale is listed at $725,000, down from the market height of around $800,000 in 2006-07, according to Ting.


Real estate rise: Areas with highest property-tax roll increases:

  • South of Market: $1 billion
  • Mission Bay: $500 million
  • Pacific Heights-Marina: $300 million

Bay Area NewsLocalMarket StreetTreasure Island

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at

Just Posted

Crab fisherman Skip Ward of Marysville casts his crab net out off a pier near Fort Point. (Craig Lee/Special to The	Examiner)
San Francisco came back to life, and we captured it all

Last spring, in the early days of the pandemic, the bestselling authors… Continue reading

Revelers at Madrone Art Bar in the early hours of June 15, 2021 (Courtesy Power Quevedo).
No social distancing at Motown-themed dance party

‘I don’t care how anyone feels, I just want to dance!’

<em>The San Francisco Peace Pagoda stands tall in between Japan Center East and West malls.</em>
 (Ida Mojadad/The Examiner)
Patrons return to the Japantown mall

‘We’re so happy—it’s really hard to make a profit’

Scenes from an SFO-bound BART train on Tuesday, June 15, 2021, the day California fully reopened for business after the COVID pandemic. (Al Saracevic/SF Examiner)
SF reopens: BART riders dreading the end of the pandemic

‘I’ve forgotten what it’s like to be packed like sardines’

Micael Butial stands as he holds an umbrella that he painted with the words “Stop Asian Hate” at a rally held to show support for Asian and Pacific Islanders communities, Sunday, March 21, 2021 in San Francisco. (Photo by Ekevara Kitpowsong/Special to S.F. Examiner)
Inside the California organization tracking anti-Asian hate incidents

By Mallika Seshadri CalMatters Richard Lim was walking along a quiet sidewalk… Continue reading

Most Read