The San Francisco Peninsula Real Estate Blog

The San Mateo County Tax Assessor’s Office recently announced that it will review the assessed value on nearly 40,000 homes in San Mateo County.   That’s a lot of homes…  Considering the condition of the economy and the recent drop in home values on the Peninsula, this may spell good news to many homeowners in the form of a reduction in their property taxes.   So far, the County has reviewed nearly 9,000 cases and over half qualify for some sort of reduction.

While this will be welcome news for homeowners, the loss in property tax revenue will put a pinch on many Peninsula communities that rely heavily on property tax revenue to run their cities.  The impact is only starting to be fully understood, but clearly those communities that rely more heavily on property tax revenue will take the brunt.

The Daily Journal interviewed several City Managers to assess the impact of the property tax reductions on their respective communities.  It’s a good summary of how it impacts Burlingame, San Carlos, and other cities.  Here’s the article for your reference:

County and cities brace for tax reductions

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In a move that is becoming commonplace in communities on the Peninsula, the City of Burlingame is considering parcel tax as a way to support its school system.  Burlingame already has a  $104 per year parcel tax in place that supports the Burlingame Elementary School District, but that tax expires in 2011.  And with continuing State budget cuts, the School District will need these funds to avoid dipping too deep into their cash reserves.

Burlingame isn’t the only city who will be asking voters for help this year.  San Carlos will be putting a $78 parcel tax on a special ballot in May, less than a year after a similar Measure was defeated.   Redwood City is looking at taking similar steps as well.

Here’s some additional information on the Burlingame proposal, courtesy of The Daily Journal:

Burlingame Considers Parcel Tax Renewal

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