San Francisco property tax is an important topic for homeowners. As top San Francisco real estate agents, we'll help break down everything you need to know about property taxes in SF.
Property tax is the annual tax paid by owners of real property in San Francisco. This includes residential real estate such as single-family homes, condominiums, and tenancies-in-common (TICs), as well as commercial properties like apartment buildings, office complexes, and retail spaces.
When you own real property within the city limits, you are responsible for paying property taxes, in two annual installments, to the local government. San Francisco property tax is a primary source of revenue to support critical services in the city. When you pay your SF property taxes, you're contributing to:
Learn more about how your San Francisco property tax is assessed on the SF Assessor's website.
When it comes to San Francisco property taxes, there’s “No Darn Foolin' Around!”
That’s our handy acronym (or is it an initialism? We’re top SF Realtors, not Pulitzer Prize-winners...) to help you remember when SF property tax is due each year.
It's actually simple. San Francisco property tax is paid in two installments:
This schedule has been consistent since at least we can remember—and we’ve been top real estate listing agents in SF since 2002—but you can always find more info and confirm these dates on the SF Treasurer’s website.
When you’re buying a home in San Francisco, whether as a first-time buyer or a seasoned homeowner, you need a full grasp of what your total monthly expenses will be. San Francisco real estate professionals use the PITI breakdown:
🏠 Pro tip: For a solid idea of your total monthly costs and what you can afford, it's helpful to get pre-approved with a lender early in your home-buying process. Read our guide on How to Get Preapproved for a Mortgage Home Loan in San Francisco
Thinking of Moving?
If you qualify, Prop 19 can help you save on property taxes when relocating within California by transferring your current property tax basis to your new home.
🚚 Read more: Prop 19: Saving on Property Taxes When Moving in California
Selling Your Home?
Don't forget about transfer taxes, another important closing cost in your San Francisco real estate transaction.
🪙 Read more: Transfer Tax San Francisco: What Do Home Sellers Pay?
Did you know property tax has been around for thousands of years? As Ben Franklin wrote, taxes are one of the only two sure things in this world (and we'd argue the more pleasant option).
Indeed, property taxes have a surprisingly rich and ancient history. Dating back approximately six thousand years, the earliest known tax records were discovered on clay tablets in the ancient city-state of Lagash in modern-day Iraq.
Interestingly, tax assessors were once highly respected professionals. (They still are, really, but they sometimes get a bad rap.) In ancient Egypt, they were so valued that when a king died, the tax assessor was often the only staff member spared from being buried alive with the monarch! Even the Rosetta Stone itself was actually a tax document granting exemption to priests.
Want to learn more? Check out the full research paper by Richard Henry Carlson from the International Association of Assessing Officers (warning, PDF link): A Brief History of Property Tax
A fun quote to leave you with, from an anonymous citizen of Lagash: "You can have a Lord, you can have a King, but the man to fear is the tax assessor."
The bottom line for homeowners is: your San Francisco property tax will be due sooner or later. So don’t forget! If you need help, utilize the SF property tax resources above and on the SF Treasurer and SF Assessor-Recorder websites.
We're also happy to answer questions as your top SF Realtor team, but ultimately you should refer to a qualified accountant or tax attorney on complex tax matters.
And when the time comes to pay your San Francisco property tax this year, remember that these taxes fund the very community that makes your home valuable! A little food for thought.
San Francisco property tax and homeownership doesn't have to be scary. Contact us today, and let's discuss how we can help you maximize your experience buying, selling, investing, and living in San Francisco real estate. We’d love to hear from you.
