Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Tax Rate topic
No spam. Unsubscribe anytime.
Committee amends property tax ordinance to align composite rate with BART factors
Summary
The committee amended the annual property tax ordinance to set a composite rate of 1.1723 (instead of 1.1789) so it aligns with BART board factors; the BLA reported an estimated $83/year increase for median assessed properties and an estimated tenant pass-through of about $34/year for rent‑controlled tenants.
Jamie Whitaker (Controller's Office, Property Tax Unit) presented the annual secured property tax ordinance. Whitaker said the 1% base rate is set by the state constitution and the portion above 1% varies to cover principal and interest on voter‑approved general obligation bonds. Because BART determined its bond factors after the initial ordinance, the composite rate should be amended to 1.1723 to match BART’s August 10 approval instead of the 1.1789 figure originally submitted.
Whitaker explained Prop 13 allows assessed values to rise by the lesser of 2% or inflation; the 2% cap this year yields a median assessed value in San Francisco of about $500,000 and an estimated annual ad valorem increase of $83 for that median assessed value. Sevin Campbell (BLA) reiterated the $83 estimate and added that the estimated tenant pass-through under rent control would be about $34 per year.
Supervisor Katie Tang read the amendment to replace 1.1789 with 1.1723 in the ordinance text across specified pages and lines, moved to send the ordinance forward as amended with a positive recommendation, and the committee adopted the amendment and passed the motion.
