How do I get my home reappraised in San Francisco?
Each week, Mansion Global poses a tax question to estate tax attorneys and other experts. Here is this week’s question.
Q: How do I get my home reappraised in San Francisco?
a. Due to the decline in real estate values in
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SAN FRANCISCO — Many homeowners in the city are eager to have their homes reassessed in order to secure a potential tax break. As a result, requests for re-evaluation have skyrocketed, doubling in the past three years.
But time is running out for San Francisco homeowners hoping to begin the process of lowering their tax bill this year, with the deadline to file a formal appeal with the city’s Board of Appeals, an independent, neutral agency distinct from the assessor’s office. It’s Friday. To have their homes reappraised, owners must argue that their property is worth more or less than the amount set by the city assessor.
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They can start the process by filling out an online form and paying a non-refundable fee of $60. On appeal, homeowners provide the current appraisal value, the estimated revised value and the reason for the appeal.
After reviewing the application, the Board of Appeals makes a decision that may or may not accept the homeowner’s assessment. This decision is final and can only be reversed by appeal to the San Francisco Superior Court.
Although requesting a formal revaluation of a property is fairly routine, the influx of requests has slowed the process significantly.
“With many homeowners looking to take advantage of potential reductions in their tax bills, the level of scrutiny has certainly increased,” said Adrian Pedraza, owner of California Homebuyer Real Estate.
A reassessment can increase your tax bills as well. “I have also noticed a growing belief that reassessment is a surefire way to reduce tax bills,” Pedraza said. “But let’s be real here. While it often leads to savings, it’s not a universal outcome.
In fact, of the 2,420 appeals filed from July 2022 to June 2023, just over half, or 55%, resulted in reduced tax liabilities, according to a recent Bloomberg article.
The entire appeals process may take several months. The open window for the formal appeals process is from July 2 to September 15 each year.
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