By Asian Week Staff
This year, for the first time ever, the city of San Francisco accrued a property assessment that resulted in over $1 billion in local tax revenue.
Assessor/Recorder Doris Ward reported in early July that a record $88 billion property assessment roll had been closed. The assessment roll represents the value of the city’s taxable property that reflects residential and business property.
“This year’s numbers can be attributed to the activity in the downtown commercial sector, new economy and new construction combined,” Ward explained. The value of property in San Francisco this year exceeds last year’s by more than $9.5 billion.
“This reflects the continued strength of San Francisco’s economy,” Ward said.
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Assessor/Recorder Doris Ward
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The tax roll was officially closed on June 22 this year, eight days before the June 30 deadline. Ward said that the speed and accuracy with which the 133 staff members accomplished their work is in part due to the implementation of INPACT (Integrated Property Assessor-Recorder, Controller, Treasurer-Tax Collector system) software, which was installed a few years ago. With this new technology, it only takes 30 to 40 days for a new homeowner to receive tax bills whereas before it might have taken up to two years.
The huge tax revenue will bring many resources into the city budget for housing, health and education. City supervisors will vote on the new $5.2 billion budget over the next two weeks. Last week, some 15 people protested the board meeting, calling for boosted spending for the homeless, public health and services to the poor.
Ward, who has been assessor since 1992, said: “While we must remain vigilant in out efforts to build and maintain affordable housing, all San Franciscans can take solace in the fact that the increasing value of San Francisco property is making an increasing contribution to the provision of essential public services such as police, fire and health care.”
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