May 27, 2010
Requests For Reductions In Residential Assessments Up 46 Percent
Perhaps due in part to the ease of starting the process online this year (as plugged-in people knew), 6,462 requests for reductions in residential property assessments were received by San Francisco’s Assessor-Recorder’s office this year, up from 4,421 last year and 1,673 the year before that.
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.
Rulings on the requests will be out by early August, appeals will be due by September 15.
∙ Assessing The Potential Upside Of A Down Market: Tax Basis Redux [SocketSite]
∙ Thousands more in S.F. seek property tax breaks [SFGate]
∙ JustQuotes: It's Time To Make Some Property Tax Lemonade [SocketSite]
First Published: May 27, 2010 7:00 AM
Comments from "Plugged In" Readers
anyone know how much a temporary reduction can affect a subsequent re-fi request (say, 6 months or a year later / etc)? I would assume it would be bad but at the same time, I almost sense that appraisers are less interested in what the city assesses and more interested in the current comps...
Posted by: DanRH at May 27, 2010 11:34 AM
Just a warning - keep your eye on the deadline for filing an appeal. In past years, the ruling on requested reductions have been issued after that deadline passed, and no exceptions were made for filing an appeal.
A cynic might say that the timing was intentional or even bait and switch - the city has practically invited homeowners to file these requests.
Posted by: bgelldawg at May 28, 2010 6:59 AM
I thought the deadline was March 31st with a response sometime in July? I rushed to get mine in.
Posted by: grumpy at May 28, 2010 1:25 PM