BEST ANSWER
FIRST ANSWER
Hi Chris,
It's approximately 1.25% of the property's purchase price every year. If the property value goes down, you can request for a re-evaluation. You can do it online, such as in Daly City, just go to the San Mateo County Tax Collector's website at http://www.sanmateocountytaxcollector.org/ and click on "Has your property decreased in value..." link and it will take you to the application form.
Hope this helps. Please let me know if you have any other questions or for any real estate assistance.
Fiona Santos
Tue Jun 16 2009, 13:29