More than 6,000 in SF ask for property value reduction 

An estimated 6,462 residential property owners have asked for temporary reductions of their assessed property values, according to the Assessor-Recorder Phil Ting. Under state law, property owners can receive a temporary reduction if the current market value of their property is determined to be lower than the assessed value, the assessor said.

“The role of the Assessor’s Office is to value property in a fair and equitable manner, which includes reducing property tax value for those homes that have been affected by the current economic climate,” Ting said.

Last year, more than 11,700 homeowners received temporary reductions in the assessed value of their homes. Those property owners who received a reduction will automatically have their assessed value reviewed for the 2010-11 tax year, Ting said.

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Erin Sherbert

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