Assessor-Recorder Carmen Chu Announces $7.8 Billion Increase in Value of Property Roll

BOMA San Francisco Members:

Assessor-Recorder Carmen Chu announced that the City and County of San Francisco’s property roll value grew to $177 billion, which is an increase of 4.61% or $7.8 billion over the previous fiscal year. The assessment roll is a summary of the assessed value of all secured and unsecured real property and business personal property in San Francisco.

Assessor-Recorder Carmen Chu stated, “The Office of the Assessor-Recorder has worked hard to ensure that both residential and commercial properties are valued fairly and equitably, while continuing to generate revenue to help fund major city services.”

All neighborhoods in San Francisco saw an increase in total assessed value from the previous fiscal year, averaging 4.69% for a total amount of $7.38 billion. The top five neighborhoods with the largest increase were Pacific Heights, Financial District South, Mission Bay, Inner Mission, and the Financial District North.

Assessor-Recorder Chu added, “We are seeing a lot of construction activity, an increase in residential transactions from years past, and increased business activity throughout San Francisco. These three factors contribute greatly to the health of the real estate market, which plays a major role in San Francisco’s economy.”

Property owners in the City and County of San Francisco will receive their annual letter soon notifying them of their property’s 2013-2014 assessed value, which serves as the basis for the property tax bills property owners will receive from the Treasurer-Tax Collector’s office.