San Francisco’s tax rate will increase to $1.1718 per $100 of assessed value, up from $1.164, after the Board of Supervisors unanimously approved the new tax property rate Tuesday.
Property tax assessments will also increase under Proposition 13 by 0.753 percent, a cost of living adjustment authorized by the state.
This means for a single-family home valued at $500,000, there will be an $82.57 increase in the property tax bill compared to last fiscal year, for a total of $5,821, according to a report from budget analyst Harvey Rose.
The board also approved an increase to the amount a landlord could pass through to tenants to help pay for the property tax bills from $0.048 per $100 of assessed value to $0.06.
This fiscal year, San Francisco expects to collect $1.33 billion in property tax revenue.