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Assessor Phil Ting says office cleared multi-year backlog, estimates $85'$100 million in recoverable tax revenue
Summary
Assessor Phil Ting told the Budget & Finance Committee his office has reduced a multi-year assessment backlog, added roughly $30 billion in assessed value and brought in an estimated $100 million in additional annual property tax revenue from supplementals and escapes, while warning that large commercial appeals remain a major risk.
Assessor Phil Ting told the Board of Supervisors' Budget & Finance Committee that his office has largely worked down a backlog dating back several years and produced substantial new revenue for the city. "Basically, $30 billion of value added to our property tax roll, which is a 26% increase," Ting said, describing an influx of assessments driven by new construction and transfers in neighborhoods including South of Market, Mission Bay and Bayview-Hunters Point.
Ting said the practical result of the assessment work has been hundreds of millions of dollars in actual tax dollars flowing to the general fund. "If you just add those four green bars together,…
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