Assessor Joaquín Torres Presents 2021-2022 ASSESSMENT ROLL
ASSESSOR JOAQUÍN TORRES PRESENTS 2021-2022 ASSESSMENT ROLL
San Francisco Assessment Roll Valued at All-Time High of $328 Billion
San Francisco, CA - Today, Assessor-Recorder Joaquín Torres announced that the City and County of San Francisco’s property roll value grew to a record-high $328 billion for Fiscal Year 2021-2022, which is an increase of 3.7% or $11.6 billion over the previous fiscal year. The assessment roll reports the total value of all real and business property in San Francisco as of January 1, 2021.
“The 2021-2022 roll reflects the great work of my team, who successfully transitioned to remote work and continued to improve our ability to produce fair, accurate and timely valuations. It is an honor and privilege to lead an office that is responsible for over $3.7 billion in annual revenues. Our office worked diligently to secure these vital resources and communities who’ve been through an extremely challenging year will benefit from the City’s investments in education, fundamental local services and a sustained and equitable economic recovery that addresses our City’s most pressing issues,” said Assessor Torres.
San Francisco’s assessment roll consists of approximately 211,000 real estate parcels and 37,000 business personal property accounts. In addition to fairly assessing these properties, the office processes and applies exemptions totaling over $20 billion. These exemptions equal $230 million in property tax savings for homeowners, disabled veterans, churches, schools, museums, affordable housing projects, charitable organizations, and more.
“2020 was a challenging year and our office has proactively given temporary value reductions to over 5,500 condominiums that were impacted by the pandemic due to economic conditions, relocation, vacancy and other effects as allowed by state law,” said Assessor Torres. In addition, the office surveyed over 2,400 businesses this fiscal year, resulting provided over $1.5 billion dollars in temporary property tax relief to those commercial properties most affected by the pandemic. The office will continue to quantify the property value impacts of COVID-19. Homeowners and businesses whose property values were reduced will receive a notice of temporary reduction in the mail.
The growth in the assessment roll can be attributed to real property sales, assessable new construction, and the annual increase in the California Consumer Price Index (CCPI). California’s Proposition 13, passed by voters in 1978, limits the growth of a property’s assessment to no more than the CCPI or 2%, whichever is lower. This year due to a lower inflation factor, most properties received a modest increase of 1% instead of the usual 2% increase. This is only the eleventh time in history since 1976 that the inflation factor has fallen below 2%.
Each year, the Office of the Assessor-Recorder submits roll data to the Office of the Controller for certification. These values serve as the basis for property tax bills that owners will receive from the Treasurer-Tax Collector’s Office in October. This year, the 2021-2022 roll will bring an estimated $3.7 billion in property tax revenue. Property Tax is San Francisco’s most reliable source of funding and goes towards fundamental public services such as first responders, schools, libraries, and our parks, as well as other City and County services.
For additional questions please visit our website www.sfassessor.org or contact us through 311 Customer Service Center by dialing 3-1-1 (within the City’s 415 area code) or by calling 415-554-5596.