SF property values balloon to $191 billion

San Francisco’s already pricey real estate got even more expensive in the past year, with property values increasing by $11.7 billion compared to the previous fiscal year, city Assessor-Recorder Carmen Chu announced Tuesday.

San Francisco’s property roll value hit $191 billion for fiscal year 2015-16, up 6.5 percent from the previous year.

Chu said in a statement:

“Leading the way is new construction activity and changes in property ownership. …┬áSan Franciscans will directly benefit as the revenue generated from our work goes directly to funding critical services that citizens rely on.”

According to the assessor-recorder’s office, 206,460 parcels, or plots, of real estate in the city were evaluated, 1,330 more than last year.

Over the next few weeks, San Francisco property owners will receive their annual letter notifying them of their property’s 2015-2016 assessed value, which serves as the basis for the property tax bills that owners will receive from the Treasurer-Tax Collector’s office.