Why are Property Taxes Important?
Property taxes support vital city services, such as police, fire, public health, and parks and recreation. in 2018, property taxes in San Francisco totaled over $3 billion and made up about 25% of the entire revenue collected by the City. The Office of the Treasurer and Tax Collector collects roughly $5.2 billion in revenue annually.
Property owners pay secured property taxes, which are calculated based on the real property’s assessed value as determined annually by the Office of the Assessor-Recorder. Secured property tax bills are mailed during the first two weeks of October. You may pay them in two installments or all at once.
The secured property tax rate for Fiscal Year 2019-20 in San Francisco is 1.1801%.
Other types of Property Taxes:
There are parcel taxes that have been passed by voters over the years that support SF Unified School District and City College of SF in providing modern facilities and quality education. More information about these taxes can be found at sfusd.edu and ccsf.edu.
Secured Supplemental Taxes:
State law requires that the Office of the Assessor-Recorder reappraise a property upon change of ownership or when a new construction development is completed. If the property is reappraised at a higher value, which is often the case in San Francisco, then a supplemental tax bill will be issued based on the difference between the prior value and the new appraised value. Secured Supplemental taxes are often prorated for a portion of the fiscal year, based on the date of sale or date of construction.
Community Facilities District or Mello-Roos Taxes:
Other taxes, such as Community Facilities District taxes (more commonly known as Mello-Roos taxes) are special district taxes established by local governments in California as a means of obtaining additional public funding. There are many properties in San Francisco that are subject to Mello-Roos taxes in addition to annual property taxes. Be sure to speak with your agent about which properties have such taxes since they can be a significant annual burden that the owner is responsible to pay for many years.
The following are some Property Tax dates about which you should be aware:
In July, the Assessor mails taxpayers a Notice of Assessed Value. More information about what this means and how to appeal the Assessor’s determination of value for your property can be found at sfassessor.org.
In September, Property tax rates are approved by the Board of Supervisors.
Around October 15th of each year, all taxpayers will have received property tax bill. Escape or supplemental tax bills may be issued in addition to the annual tax bill due to a change in ownership or for new construction.
Property taxes are due in two installments. The deadline to pay the first installment of property taxes is December 10th. The deadline for payment of the second installment is on April 10th of the following year.
Seniors and People with Disabilities:
The State Controller’s Property Tax Postponement Program allows homeowners who are seniors, are blind, or have a disability to defer current-year property taxes if they meed certain criteria. For more information, go to www.sco.ca.gov and search for property tax postponement.
For More Information:
If you have any questions about paying property taxes in the City and County of San Francisco, you may visit sftreasurer.org or call 311 within SF.