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Committee adopts amendment to property tax rate ordinance, forwards to full Board
Summary
The committee approved an amendment to the annual property tax rate ordinance to reflect the BART GO bond tax rate factor, setting the composite rate at about 1.1792% and establishing the tenant pass-through rate for FY2016–17; committee recommended the ordinance to the full Board with a positive recommendation.
The Budget & Finance Committee on Sept. 7 considered the annual property tax rate ordinance for fiscal year 2016–17, which levies property taxes to fund the city, the San Francisco Unified School District, community college district and special districts including BART and the Bay Area Air Quality Management District, and establishes a tenant pass-through rate of approximately 8 cents per $100 of assessed value for the fiscal year ending June 30, 2017.
Jamie Whitaker, property tax manager in the Controller’s Budget and Analysis Division, explained the Proposition 13 base 1 percent and said the portion above 1 percent is determined each year to cover general obligation bond principal and interest. Whitaker asked the committee to amend the ordinance to reflect the BART board’s adopted tax-rate factor of 0.008 for BART general-obligation bonds, which would bring the composite property tax rate to 1.1792 percent. She illustrated that for a median assessed taxable value of $500,000 the typical property tax bill would increase by about $73.14 under the allowed inflation increase.
Budget analyst Mr. Rose recommended approval. Supervisor Katie Tang moved to adopt the amendment and to forward the ordinance as amended with a positive recommendation to the full Board; the committee took the motion without objection.
