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Budget panel forwards slight cut to San Francisco property tax rate for 2014–15
Summary
The Budget & Finance Committee approved an ordinance setting the city's combined property tax rate at 1.1743 per $100 of assessed value for FY 2014–15 after a BART bond factor revision lowered the rate and will reduce the typical owner-occupied bill by roughly $40.88 on a $500,000 assessed value.
The San Francisco Board of Supervisors Budget and Finance Committee on Monday approved an ordinance that will set the city and overlapping agencies' combined property tax rate for fiscal year 2014–15 at 1.1743 per $100 of assessed value.
Jamie Whitaker, the property tax manager in the Controller's Budget Analysis Division, told the committee that "the base rate is 1% and that's set by Article 13A of the state constitution," and that the remainder of the rate funds debt-service on voter-approved bonds. Whitaker said a change in the Bay Area Rapid Transit District's bond factor lowered the proposed combined rate from 1.1773 to 1.1743 per $100.
Whitaker said that change will modestly lower tax bills: "the property tax bill should be $40.88 lower assuming a $500,000 assessed value last year." Budget analyst Mr. Rose recommended approval of the ordinance as amended.
The chair moved the amendment and then moved the underlying ordinance; both motions were taken and the committee approved the item without objection. The clerk noted items acted on will appear on the Board of Supervisors agenda for Sept. 9, 2014.
