SAN FRANCISCO (CBS SF) — San Francisco Assessor-Recorder Phil Ting announced Wednesday that his office generated an additional $50 million in property tax revenue above expectations, helping the city close a large budget deficit for the coming fiscal year.
Ting’s office is expected to generate about $97 million in supplemental and escape property taxes by the end of the fiscal year on June 30, far above the $47 million that was initially forecasted.
The taxes are in addition to a regular tax bill and reflect the difference between the prior assessed value of a property and a new assessment, according to Ting’s office.
The additional revenues were included as part of the proposed budget Mayor Ed Lee presented to the Board of Supervisors last week to close a $306 million budget deficit for the next fiscal year.
“San Franciscans and our City Hall leadership is dealing with an extremely difficult budget, so I am very pleased our office is helping locate every dollar of revenue the city can use to pay for essential services and programs,” Ting said in a statement.
Ting, a candidate in San Francisco’s mayoral race this November, made today’s announcement at a news conference outside City Hall, where he was joined by education, labor and community leaders who he said will be helped by the additional revenue for the city.
By the end of July, Lee’s proposed $6.83 billion budget has to be approved by the Board of Supervisors, which can also make changes to it.
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