Courtesy photo

San Francisco Assessor-Recorder Phil Ting

Phil Ting, San Francisco's tax man and a mayoral candidate, announced Wednesday afternoon that his office has brought in an extra $50 million in property-tax revenue this year. 

The haul, roughly double what the city had anticipated, is largely due to Ting's office working through a backlog of reassessments. Under Proposition 13, real estate can only be reassessed at present market value when it changes hands. Single-family homes typically trade at full market value, so their reassessment is fairly simple and immediate, Ting said in an interview Wednesday afternoon. 

Commercial property reassessments, which make up "a significant chunk" of the extra $50 million in tax revenues, commonly need to be reassessed by a member of Ting's staff. That process can take years, especially since thousands of city taxpayers have appealed to have their assessments reduced to reflect lower real estate values due to the recession. Addressing that, which Ting refers to as an "appeals hurricane," has taken a lot of staff time.

An increase in the transfer tax on properties selling for more than $5 million that went into effect in January also helped boost revenue. Ting said that transfer tax revenue totaled $83 million last fiscal year, and stands at $125 million so far this fiscal year, which ends June 30.

Ting's extra $50 million was already included in the budget figures that Mayor Ed Lee unveiled last week.