The value of San Francisco’s real estate grew by about $6 billion in the past fiscal year thanks to a booming commercial property market, the city’s assessor-recorder announced today.
The total roll assessment value for the city was about $169.9 billion for the fiscal year that ended on June 30, a 4.2 percent increase over last year, Assessor-Recorder Phil Ting said at a news conference this morning.
“We continue to feel the real estate market is on its way back,” Ting said.
The neighborhoods that saw the most growth are South of Market and Mission Bay, which have seen a lot of purchases by tech companies, including the Furniture Mart building at Ninth and Market streets where the microblogging company Twitter moved in this year, according to Ting.
The Pacific Heights neighborhood has seen some increases in residential property value, but “primarily growth is going to be driven by commercial development,” Ting said.
Property taxes make up about a third of the city’s budget, he said.
Dan McMenamin, Bay City News