Assessor-Recorder Joaquín Torres Presents 2023-2024 Assessment Roll

For Immediate Release
Date: Friday, July 14, 2023
Contact: Abigail Fay, abigail.fay@sfgov.org

***Press Release***

Assessor-Recorder Joaquín Torres Presents 2023-2024 Assessment Roll

SAN FRANCISCO, CA – Today, Assessor-Recorder Joaquín Torres announced that the City and County of San Francisco’s local property assessment roll has grown to approximately $340 billion for 2023-2024. This represents an increase of approximately 4.6% or $15 billion over the previous year. The assessment roll reflects the total value of all real and business property in San Francisco, approximately 212,200 parcels and 30,450 business assessments respectively, as of January 1, 2023. The net local property assessment roll value is reflective of all legal exemptions that have been applied as well as temporary reductions in value through the Informal Assessment Review request process available to San Francisco homeowners.

The 2023-2024 roll is expected to generate an estimated $4 billion in property tax revenue. Of this revenue, approximately 64% goes to the City and County of San Francisco’s General Fund, 34% to San Francisco’s schools, and 2% to public transportation and air quality management.

“The Office of the Assessor-Recorder maintains a steadfast commitment to the fair and accurate assessment of property and we are proud to deliver this year’s roll accordingly amidst rising demands on our workforce. Our work ensures vital government funding to meet the City’s most essential needs ranging from public safety to economic recovery, public education to transportation, homelessness to affordable housing and beyond,” said Assessor-Recorder Joaquín Torres.

A key part of our duty in preparing the annual assessment roll in accordance with State and local laws is the processing and applying of exemptions. The 2023-2024 roll includes exemptions totaling over $21 billion in assessed value. These exemptions result in over $247 million in property tax savings for homeowners, disabled veterans, churches, schools, museums, affordable housing projects, and more. To address the complexities in the filing process for exemptions, this year the Office of the Assessor-Recorder piloted a program providing free, in-person one-on-one appointments for nonprofits seeking guidance. Additionally, to promote financial literacy and advance greater public understanding of our office, we provided nearly 30 presentations to San Franciscans on the basics of property assessment, tax-savings programs, business personal property, estate planning and intergenerational transfers.

Among the fundamentals of California property tax law covered in these trainings and which impact roll growth is California’s Proposition 13. Passed by voters in 1978, Proposition 13 limits the growth of a property’s assessment to no more than the California Consumer Price Index (CCPI) or 2%, whichever is lower unless the property undergoes an assessable event such as a change in ownership or new construction.

Approximately 44% of the growth seen in the 2023-2034 Assessment Roll is due to CCPI and the associated 2% increase in the assessed values of properties. Additional contributors to roll growth include new construction and changes in property ownership.

“Our assessment roll grew by approximately $15 billion this year, providing important stability for the City. Despite the economic challenges facing us, our roll continued to grow this year thanks in large part to the diversity of our real estate and the insulating effect of Proposition 13.” said Assessor-Recorder Joaquín Torres.

While the increase we’ve seen for this year is slightly higher than the City’s projections, the Controller is projecting slower roll growth in the next year in part due to the result of the continued impacts of remote work on commercial real estate in San Francisco’s Downtown and an increase in assessment appeals. These indicators are top of mind for the Office of the Assessor-Recorder as we prepare for and manage our workload for the next assessment roll.

Individual Notice of Assessed Values will be sent out by the Office of the Assessor-Recorder no later than July 31st, 2023. These values serve as the basis for property tax bills that owners receive from the Treasurer & Tax Collector in October. For additional questions or information on how to appeal your assessed property value by the September 15, 2023 deadline, please visit our website at www.sfassessor.org or contact us through the 311 Customer Service Center by dialing 3-1-1 (within the City’s 415 area code) or by calling 415-554-5596.

About our Office

The Office of the Assessor-Recorder's mission is to fairly and accurately identify and assess all taxable property in San Francisco, and record, secure, and provide access to property, marriage and other records.

###