My understanding is the the property tax is reassessed upon sale at the new purchase price. When you buy a property in San Francisco, you pay the seller's tax amount at the close of escrow. This will be lower or higher depending on how long they have owned the property.
The City of San Francisco will reassess the property at the new sales price and issue a Supplemental Tax Bill. If the new value is lower, there should not be any supplemental bill.
Keep in mind that the City takes a while (a few months, usually) to update the tax records so you are likely to pay tax at the higher amount for some time.
I would recommend you speak with the Tax Assessor/Recorder's office after the close of escrow to let them know the situation and see if they will help you. As it's been said, their office is busy right now!
Best of luck,
Danielle Lazier, Zephyr Real Estate
danielle (at) zephyrsf.com
You need to speak with the Assessor's Office. Here's a link to their site about reassessing values - http://www.sfgov.org/site/assessor_index.asp?id=15241#HDIAMAV
Their Personal Porperty Division phone number is 415.554.5531.
Lance King/Managing Broker
I doubt you will get it, at least right away because they have been bombarded with requests.
Dave Tap Tapper