The annual window of opportunity is now open:The San Francisco Tax Assessor’s Ofice is now offering informal reviews and formal appeals for the 2012-2013 property tax year. If you believe your home may be eligible for a reduction in property taxes based upon a decline in value, there are two ways to go about it:
1) An informal review by the San Francisco Assessor’s Office;
2) A formal appeal with the Assessment Appeals Board.
We recommend first considering the informal review. The formal appeal can be more complicated and time-consuming. You’ll have the best shot at a reduction if you bought between 2005 and 2008, when the market peaked. Declines from peak value in the city generally range from 12 to 25 percent, depending on your neighborhood and when you bought your property.
If your appeal is successful, the reduction in assessed value only applies to from the beginning of July 2012 through the end of June 2013. A decline-in-market appeal is only good for one year – the one in which it was filed.
A “Request for Informal Review of Assessed Value” for tax year 2012-2013 must be filed by March 31, 2012. This type of review is only applicable to single-family dwellings, residential condominiums, townhouses, live-work lofts and cooperative units. You can apply online at this link.
The Assessor’s website also has a great online FAQ that addresses the most commonly asked questions and walks you through the process step by step. If you still have questions after reviewing the site, you can email them at Assessor@SFGOV.ORG, call them at 415-554-5596, or even visit (in-person? does that even exist any more?) Room 190 at City Hall to speak with one of the on-duty appraisers.
If you think you have a shot at getting a reduction and need help gathering comparable sales data so you can make your case, email me your property address (cblase@paragon-re.com) and I can probably whip up some comps for you. Keep in mind that the Assessor's valuation date is Jan. 1, 2012, so the closer your comparable sales are to that date, the better. However, all sales comparables submitted must have closed before March 31, 2012.
Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners-- and feeds the dreams of those who wish they could live in Tony Bennett's 'City by the Bay.' Call 415-577-0809 or email cblase@paragon-re.com. www.ceceblase.com
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