San Francisco Property Owners To See Higher Property Taxes

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San Francisco City Hall

San Francisco City Hall. (Justin Sullivan/Getty Images)

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SAN FRANCISCO (KCBS) — Property owners in San Francisco are expected to see an increase in their property taxes this year, after tallying an impressive year-over-year increase.

The City and County of San Francisco’s property tax roll value grew to $177 billion, an increase of 4.6 percent from the previous fiscal year.

“The five neighborhoods with the largest increase include; Pacific Heights, Financial District South, Mission Bay, Inner Mission and Financial District North, said Eddie McCaffery with San Francisco Assessor-Recorder Carmen Chu’s office.

The Assessor-Recorder said plenty of construction activity, an increase in residential transactions and an increase in business activity, is contributing to the health of the real estate market.

Over the next few weeks, property owners will receive letters notifying them of their property’s 2013-2014 assessed value.

Property tax increases are capped at a maximum of two percent a year.

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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