Assessor-Recorder Joaquín Torres Public Service Announcement: Homeowners’ Period for Requesting Reductions in Assessed Value Begins

For Immediate Release
Date: Tuesday, January 2, 2024
Contact: Abigail Fay, abigail.fay@sfgov.org

***Public Service Announcement***

Assessor-Recorder Joaquín Torres
Homeowners’ Period for Requesting Reductions in Assessed Value Begins

From January 2 to March 31, 2024, residential property owners may file an Informal Review Request to lower their assessed value with the Office of the Assessor-Recorder. This service is provided at no charge and is available to property owners in a single-family dwelling, residential condominiums, townhouses, live-work lofts, and cooperative units.

To request an Informal Review, you must submit your written request with supporting evidence of your opinion of value.

You can find the online submission form here. Alternatively, you can bring or send your request to San Francisco Assessor-Recorder’s Office, ATTN: Informal Review, 1 Dr. Carlton B. Goodlett Place, City Hall – Room 190, San Francisco, CA 94102. Mail-in requests for an informal review must be U.S. postmarked by the March 31, 2024 deadline. By Fax: (415) 554-7915 or E-mail: InformalReviewRP@sfgov.org. Be sure to keep a copy of your request for your records.

Upon submittal, appraisal staff will review the property owner’s comparable sales and other market data, estimate the property’s market value as of January 1st and then compare this market value to the property’s current factored base year value. If the January 1 market value is below the factored base year value, then the assessed value will be lowered to market value for the next fiscal year. The results of the review will be available in the Notice of Assessed Value statement which is mailed to property owners at the end of July 2024. The new tax bill will be based on the lower value for the next fiscal year.

These reductions are temporary, and they remain in place until the market value of your property rises above the base year value. If you were granted a reduction for the prior tax year 2023-2024, we will automatically review the assessed value for 2024-2025.

If appraisal staff did not find that the property’s January 1 market value is higher than the factored based year value, then there will no change in the assessed value. If the homeowner still feels the value should be reduced, the owner may file a formal Assessment Appeal with the Assessment Appeals Board.

Frequently Asked Questions

1. If I don’t receive a reduction through an Informal Review Request or disagree with the Assessor’s findings, what are my options?

   If you disagree with the Assessor’s findings, you may file an Assessment Appeal with the Assessment Appeals Board (AAB), an independent board established to hear and resolve valuation disputes between the Assessor’s Office and property owners from July 2, 2024 through September 16, 2024. A non-refundable $60.00 filing fee is due at the time of application and a hearing will be scheduled for you by the AAB at a later date. For more information you may contact the Assessment Appeals Board – Clerk of the Board at 1 Dr. Carlton B. Goodlett Place, City Hall – Room 405, San Francisco, CA 94102, by Phone: (415) 554-6778 or visit their website: www.sfgov.org/AAB.

2. I don’t know my property’s assessed value, how can I check it?

   You can check your current assessed value at http://propertymap.sfplanning.org. You can also check the Notice of Assessed Value our office sent in July 2023.

3. What is the difference between Market Value and Assessed Value?

   Market value is the price a property would sell for when it is put up for sale in a competitive and open market. Assessed value is the taxable value of a property against which the tax rate is applied. You may find more information on real property assessments here.

4. What if my current assessed value is below market value?

   The Assessor is required to enroll the lesser of your factored base year value (assessed value) or the market value. For example, if the market value of your property (what you could sell your house for) as of January 1, 2024 is $500,000 and your assessed value is $200,000 the Assessor would enroll the $200,000 as your taxable value for the year 2024-2025.

5. What tax year am I requesting an informal review for?

   The assessed value that will be considered during this informal review period will cover the fiscal year from July 1, 2024 to June 30, 2025.

6. What type of information will I need to provide in my informal review request to support my claim?

   You will need to submit sales information and/or an appraisal performed by a licensed real estate appraiser to support your claim. The sales information or appraisal’s date of valuation should be as close to the January 1, 2024 lien date as possible, but no later than March 31, 2024.

7. If I receive a reduction in assessed value, will the new assessment be permanent?

   No. The reduction is temporary and only applies to the tax year being appealed. Any reduction to the assessed value is automatically reviewed annually as of the lien date to determine if market conditions indicate that the assessed value should be maintained, lowered, or increased.

About the Office of the Assessor-Recorder

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.

1 Dr. Carlton B. Goodlett Place
City Hall, Room 190
San Francisco, CA 94102-4698
(415) 554-5596 - voice
(415) 554-7915 - fax
Email: assessor@sfgov.org