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.READ MORE: Support for Windsor Mayor Crumbles as Details of Alleged Sexual Misconduct Emerge
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.READ MORE: Hundreds at Bay Area Rallies March to Support Asian Americans
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.MORE NEWS: Former Sebastopol Mayor Arrested on Suspicion of Sexual Assault Against a Minor
© Copyright 2018 CBS Broadcasting Inc. and Bay City News Service. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.