How SF property owners may lower their taxes

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Excerpt from the press release from the Assessor-Recorder’s Office:
With the deadline for filing with the Assessment Appeals Board (AAB) fast-approaching, Assessor-Recorder Phil Ting detailed how property owners can utilize the AAB process to potentially reduce their tax bill, as well as released new statistics about the real estate market in the Sunset, Richmond and other important neighborhoods.

Filings with the Assessment Appeals Board – also known as Formal Appeals – are due Monday, September 17th. To assist real estate owners, Assessor-Recorder Ting’s office has sent out Notices of Assessed Value (NAV) which also includes information about the Formal Appeals process.

Property owners should expect to receive their NAV no later than the middle of August. If a property owner does not have their NAV letter, they can call the Assessor-Recorder’s office at 415-554-5596 or the City’s 3-1-1 Customer Service Center to be connected to Ting’s department.

“I want to ensure every San Francisco property owner knows the assessed value of their real estate,” said Assessor-Recorder Ting. “Should property owners have an issue with an assessed value, they can submit a Formal Appeal. These may take some time to complete, so we urge owners to begin preparing their paperwork right away.”

Once a property owner learns their assessed value, then they must obtain, complete, and return an “Application for Changed Assessment” in order to file for a Formal Appeal. There is $60 Formal Appeal application fee. For more information, visit www.sfgov.org/aab.

Even if the Assessor-Recorder’s office has already given a reduction in assessed value, a property owner may still pursue a Formal Appeal with the AAB.

In addition to helping property owners understand the Assessment Appeal Process, Ting released new data about the real estate market in the following neighborhoods: Sunset, Richmond, Stonestown, Sunnyside, Nob Hill, Financial District North and Downtown Tenderloin.

While the real estate market in these neighborhoods and across San Francisco has stabilized, many properties still have assessed values that are above present market value. When that occurs, state law (Proposition 8) states property owners are entitled to a one-year temporary reduction in the taxable value of their property.

In the Sunset and Richmond Districts, more than 1,000 properties received these temporary reductions in assessed value.

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