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From the July 2007 Newsletter:
By Phil Ting, San Francisco Assessor-Recorder
As the Assessor-Recorder, I am honored to serve you by valuing your property in a fair and equitable manner according to California Revenue and Taxation Laws, recording your documents with integrity, and providing you with superior and courteous service. I am committed to improving our services and collecting every tax dollar owed to the city. The taxes we generate fund crucial city services including police, fire, public schools, health, neighborhood services, libraries, and social programs.
The Assessor-Recorder’s office offers a variety of property tax exemptions, and since taking office I have focused on informing taxpayers of their rights. Several exclusions, described below, are available to small property owner. I encourage you to take advantage of them. For more information about any of these exemptions, call (415) 554-5596 or visit the Office of the Assessor at City Hall, Room 190.
Reappraisal exclusion for seniors or disabled (Propositions 60 and 90)
Proposition 60 allows homeowners who are at least 55 years old (or disabled) to transfer the existing Proposition 13 base-year value from a former residence to a replacement residence of equal or lesser value. The new property must be purchased within two years of the sale of the previous one. Proposition 90 allows for reciprocity among counties in California: if you move into a county which accepts Proposition 90, you may take your old, lower Proposition 13 value with you, regardless of from which county you move. As of Jan. 2007, Alameda, San Mateo, Santa Clara, San Diego, Los Angeles, Ventura, and Orange County accept Prop 90.
It’s important for small property owners to note that Prop 60 covers only the dwelling unit where the owner resides. As an example, if you own a triplex, live in one unit and rent the other two units, only the owner-occupied unit receives Prop 60 treatment. Our appraisers normally do a recalculation of the value based on the square footage of the dwelling unit.
Reappraisal exclusion from parent to child and grandparent to grandchild (Propositions 58 and 193)
The transfer of real property between parents and children can be excluded from reappraisal for property tax purposes. The principal place of residence and up to a maximum of $1,000,000 in assessed value of any additional property (a combined value for multiple properties located in San Francisco and all other counties) may be transferred without a tax increase. There is no value limit for principal residences or for the number of principal residences that may be transferred. However, each residence must meet the qualification for a principal residence. A father and mother may combine their exclusion to a limit of $2,000,000 for the additional property. When the child is deceased,
this exclusion applies to the grandchildren. An application must be filed with the Assessor’s Office to determine eligibility for this exclusion.
Homeowners Exemption
If the property you own is your principal place of residence on Jan. 1, you may apply for an exemption of$7,000 from your assessed value. Even if you occupy only one of the units in the property and rent the others, you are still eligible for this exemption. Check your tax bill to see if you already receive this exemption for your principal residence. If not, request an application from our office. If you have just purchased a residence, you will automatically receive an exemption application in the mail after the sale is processed. There is no charge to file for the exemption.
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