The city of San Francisco assessor’s office (the tax man cometh) has just posted their FAQ about how to go about an informal review of your property tax valuation for the 2011 – 2012 tax year.The following information is taken directly from the FAQ posted at the assessor-recorder’s website. This is the process to follow in San Francisco. Don’t be fooled by scams you may receive in the mail!
SAN FRANCISCO ASSESSOR-RECORDER
FREQUENTLY ASKED QUESTIONS
2011-2012 INFORMAL REVIEWS
Q1: I BELIEVE THE MARKET VALUE OF MY PROPERTY IS LESS THAN MY CURRENT ASSESSED VALUE. HOW DO I PROTEST MY VALUE?
First, please check your current assessed value. Second, if the assessed value is higher than the market value, you have the following options:
Yes. If upon the receipt of your annual Notice of Assessed Value, which will be mailed at the end of July 2011, you disagree with the assessed value, you can file an assessment appeal with the Assessment Appeals Board. Please see instructions above.Q3: WHAT DOES MARKET VALUE MEAN?
Market value is the price a property would sell for when the property is put up for sale in a competitive and open market.
Q4: WHAT IF MY CURRENT ASSESSED VALUE IS BELOW MARKET VALUE?
The Assessor is required to enroll the lesser of your factored base year value (assessment) or the market value. For example, if the market value (what you could sell your house for) of your property as of January 1, 2011 is $500,000 and your assessed value is $200,000 the Assessor would enroll the $200,000 as your taxable value. You would not qualify for a lowered assessment.
Q5: WHAT TAX YEAR AM I APPEALING?
The assessed value being appealed will cover the fiscal year from July 1, 2011 to June 30, 2012.
Q6: WHAT TYPE OF INFORMATION WILL I NEED TO PROVIDE TO SUPPORT MY CLAIM?
You will need to submit sales information and/or an appraisal performed by a licensed real estate appraiser to support your claim. The sales information or appraisal’s date of valuation should be near the January 1, 2011 lien date but no later than March 31, 2011.
Q7: IF THE ASSESSOR OR THE ASSESSMENT APPEALS BOARD AGREES TO REDUCE MY VALUE, WILL THE NEW ASSESSMENT BE PERMANENT?
No. The reduction is temporary and only applies to the tax year being appealed. Once a reduction is made, the assessor is required by law to annually reappraise the property until its fair market value exceeds the factored base year value.
Q8: WHY ARE TENANCY-IN-COMMON (TICs) UNITS EXCLUDED?
Unlike residential condominiums and cooperative units, TICs do not have separate parcel numbers. A review of a single TIC unit is more complex. TIC owners can appeal their taxes by filing an Application for Changed Assessment with the Assessment Appeals Board beginning July 5, 2011 thru September 15, 2011.
Q9: WHEN WILL I BE NOTIFIED OF THE RESULTS OF MY INFORMAL REVIEW REQUEST?
Homeowners will be notified of the results of their informal review in the annual Notice of Assessed Value which will be mailed at the end of July 2011.