SF property tops $200 billion for first time

San Francisco’s total property assessment exceeded $200 billion for the first time when the fiscal year 2016-17 assessment was submitted, according to preliminary information Wednesday from San Francisco’s Office of the Assessor-Recorder.

The preliminary information said the assessment is $208 billion or nearly 9 percent higher than the previous fiscal year.

The assessment must be certified by the city’s Office of the Controller before it’s final.

Property taxes are based on the assessment. Property taxes pay for services in San Francisco such as public safety, health and social services.

Once the assessment is certified, Controller’s Office staff will send the assessment to the Treasurer & Tax Collector’s office, whose employees will mail out property tax bills.