Good news for The City’s housing market: Property tax reduction applications are way down from last year, according to a press release Wednesday from the office of Assessor-Recorder Phil Ting.
Homeowners who bought their property at the height of the market would be the primary candidates for filing the applications, which prompt assessors to assign a new value based on changing market conditions. The release said applications submitted for fiscal year 2010-11 amounted to 6,462, while the 2011-12 applications (due annually in March) totaled 2,430.
Angela D’Anna, the office’s policy director, said the reduced figure can likely be attributed to market stabilization and the fact that the applications trigger a two-year reassessment, so 2010-11 applicants weren’t required to resubmit this year.
To frame this in context with the housing crash, the 2007-08 fiscal year saw only 248 applications, a number that grew to 1,673 in 2008-09, and 4,421 in 2009-10.
In 2010-11, more than 17,800 temporary values were assigned to homes in The City, which were prompted by applications and assessments conducted proactively. The neighborhoods with the highest concentration of reductions were the Tenderloin, Van Ness/Civic Center and Russian Hill.
The release said the Assessor’s Office plans to review the 17,800 homes again, along with the 2,430 new applications. Applicants are set to receive a mailed notice with assessment results before August, prior to the annual property tax bill. Appeals to the notice can be filed with the Assessment Appeals Board by Sept. 15 here.