Silvia Damen's Blog

If you think that the market value of your property has declined, and you are the owner of a single family dwelling, residential condominium, townhouse, live-work or cooperative unit, then you may request a temporary homeowners’ property tax reduction (also known as an informal review) by contacting the Tax Assessor's Office http://www.sfassessor.org/index.aspx?page=102.

The temporary homeowners’ property tax reduction is a simple process that requires the homeowner to fill out and submit a one-page form  for each year they wish to receive a reduction.

This year, property owners may start submitting requests for a temporary reduction starting January 3, 2011 through March 31, 2011. Once our office has received and reviewed all requests, we will notify property owners of our decision by sending a Notice of Assessed Value Letter (Approve, Decline) via mail in July of the same tax year.

 

To start the temporary homeowners’ property tax reduction process

, please download a copy of the Temporary Homeowners' Property Tax Reduction Request Form and email it to InformalReviewRP@sfgov.org. Or, you may download the form, fill it in online, print, and mail a hardcopy to: Assessor-Recorder, ATTN: Property Tax Reduction, 1 Dr. Carlton B. Goodlett Place, City Hall - Room 190, San Francisco, CA 94102. Property owners may also follow the same steps as above and submit a completed form via facsimile to (415) 554-7915 or feel free to drop it by our office.  

 

Requesting a temporary reduction does not preclude property owners from filing a Formal Appeal with the Assessment Appeals Board (AAB), an independent body established to hear and resolve valuation disputes between the Assessor and taxpayer. Assessment appeals may be filed from July 5, 2011 to September 15, 2011. A $60.00 filing fee is due at the time of application and the AAB will schedule a hearing for you at a later date.  Applications may be obtained by contacting the Assessment Appeals Board – Clerk of the Board at  1 Dr. Carlton B. Goodlett Place, City Hall – Room 405, San Francisco, CA 94102, by phone: (415) 554-6778 or directly from their website.

I've seen lots of extremely low interest rates in the last 6 years of working in real estate, but this takes the cake!  4.375% for a condo, and for a loan that is non-conforming (i.e. loan above $417k) on a 30 year FIXED?  WOW!  Plus, my client who was lucky enough to lock in this rate paid $175k less than his neighbor did for the exact same condo just 2 years ago.  He's paying less to own then to rent - AWESOME!  I have been one of the most conservative realtors I know in the Bay Area over the past 6 years, but now I can finally say that buying a home isn't just an emotional decision - it's a good financial decision too!

The time has finally come where it's actually cheaper to Own a place in Cow Hollow than to Rent!

Here's the math for my recently listed property at www.3124Laguna.com :  Feel free to call me at 415-706-7897 or email me at silvia.damen@cbnorcal.com if you have any question on the calculations or assumptions.

							TIC		RENT Cost**
Purchase Price							679,000		(for this unit)
Loan Amount (75% of Purchase)							509,250
Interest Rate and Term							5.875%	7yr
Monthly Principal & Interest Payment							3,010
Monthly Principal & Interest Payment (after tax deduction)							2,063
Property Taxes (after tax deduction)							407
Monthly HOA Dues							150
After Tax Payment							$   2,620		$    3,400