San Francisco homeowners want to reduce their property values...in the eyes of the city, anyway. As home values drop and sale prices hit bottom, assessed values are on the rise, defying logic and creating some perceived inconsistencies in property taxes: an increase in taxes for homes that have decreased in value. And we wonder why people are leaving San Francisco? Unfortunately for both homeowners and the over-extended tax assessors office, there are three times as many requests for reevaluation this year, and it's possible that all requests will not be addressed. Although the news may be bad for some, fear not: All is not yet lost for San Francisco. Home sale prices may be falling but overall property values have increased by 8.7% in the last year. Looking for a formal reassessment of your building? September 15th is the filing deadline.
· S.F. homeowners want property values reduced [SF Gate]
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