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February 15, 2021

Condos Heading for Property Tax Break?

The San Francisco Assessor’s office may be on track to consider reassessing condos that may have lost value since the pandemic hit, reports the San Francisco Business Times.

The city is currently surveying large commercial property owners this month about how their rents and expenses have changed in the past year. The assumption, according to the Business Times, is that office buildings saw a reduction in revenue in 2020.However, this data review effort may also extend to condos if it becomes clear that such properties have lost value.

The Assessor’s office was very busy reassessing residential property during the financial crisis that started in 2008. Owners of condos in large buildings and high rises could now probably make a case for their values going down in 2020 as buyers have turned to single-family homes or smaller condo buildings with outdoor space.

If you believe your condo has lost value, you don’t have to wait for the Assessor’s office to get in touch. Check out the Web page for how to request an assessment review.

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