The assessed values of personal and real property in the San Francisco, California, area have skyrocketed recently. Specifically, personal, residential and commercial real estate property values rose to nearly $1.6 trillion for the 2017 to 2018 year -- up by a whopping $110 billion. That is 7.4 percent from the previous year.
One of the reasons for the higher assessed values for property in the Bay Area is the new construction in the region. Other reasons include increasing real estate prices as well as inflation. Most of the property in the area that is taxable is commercial and residential real estate, with the rest of the property in the area -- personal property -- including the likes of aircraft, boats and even business equipment: for example, machinery, computers and office furniture.
Revenue from property taxes in a California county goes to local community colleges and public schools. The revenue also goes to county programs, including social services, courts, jails and sheriffs. Additionally, it goes to the cities within the county.
With the assessed personal and commercial real estate property values going up, now is a potentially ideal time to buy and sell real estate. It may be a good time to buy before home and business property prices continue to climb, but it may also be an excellent time to sell while real estate values are higher than they were last year. An attorney in San Francisco can help both buyers and sellers to navigate their unique deals and achieve their goals in the Golden State.
Source: San Francisco Chronicle, "Bay Area property assessments hit $1.6 trillion after 7.4% rise", Kathleen Pender, July 8, 2017