SAN FRANCISCO (CBS SF) – San Francisco’s controller has announced that the city will recognize a $415 million windfall thanks to excess property tax revenue.
Assessor Carmen Chu, whose office assesses property values in the city, provided a statement Thursday evening on the controller’s announcement, praising and thanking the employees of her office.
San Francisco’s property tax roll, which is the total assessed value of all real property and personal property owned in the city, grew by 22 percent over the past two years to $260 billion from $212 billion, according to Chu’s office.
The more than 211,000 properties in San Francisco generate over $3 billion in property tax revenue each year to pay for public services.
It’s unclear what all the money will be spent on but Chu’s office said $181 million is available to help the homeless and for affordable housing.
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