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City sets property tax rates for FY 2009–10; tenant pass‑through rises slightly
Summary
The committee recommended four ordinances adopting property tax rates for FY 2009–10 (city/county, community college, school district, BART). The combined rate fell to 1.159% but the tenant pass‑through increased to 3.8¢ per $100 assessed value due to bond servicing formulas.
Budget staff presented four ordinances to set property tax rates for fiscal year 2009–10 covering city and county purposes, the community college district, the unified school district and BART.
Comptroller Leo Levinson summarized the consolidated numbers and said the combined tax rate is 1.159% (down from 1.163% the prior year). Levinson explained the slight decline was driven by retirement of certain school bonds that previously required service and the introduction of new debt for San Francisco General Hospital and other city obligations.
The ordinances also calculate a pass‑through charge for residential tenants under the administrative code: this year the tenant pass‑through is 3.8¢ per $100 of assessed value (up from 2.9¢ the prior year). Levinson noted the increase results from the particular bond formulas and cited an example: taxes on a $500,000 home would rise by about $96.18 this year even though the overall rate declined.
The committee recommended the four ordinances be forwarded to the full Board with the budget analyst’s concurrence.
