Nearly 6500 San Francisco Homeowners Apply for Property Tax Break
pic credit: Franco Folini via Flickr
Shock and awe! That $900,000 dump of a loft sandwiched between crackheads and CalTrain is upside down and poor homeowner needs a break? I can't believe it!
In another sign that the economy is taking a long time to rebound, a staggering 6,462 residential property owners in San Francisco applied for temporary property tax breaks this year, city Assessor-Recorder Phil Ting reported Wednesday.
If granted, the reductions will kick in next year.
In all, 11,700 homeowners have received temporary property tax reductions in the current fiscal year that ends June 30; some at the request of the property owners, others at the initiation of the assessor's office. The cumulative total in reduced assessed value added up to $1.4 billion.
Last year, 4,421 informal reviews were requested. The year before 1,673 were filed. Go back three years and the number was a mere 248.
Property owners can get a temporary reduction in their property taxes if the current market value is found to be lower than the assessed value.
It makes me sick just to think about. Of course, San Francisco has priced in this bizarre, constant climb of property values because that's just how we get down and the city refuses to believe that things are as bad as they should be.
Too bad the city really really needs the money right about now.