Assessor-Recorder Joaquín Torres Releases 2026-2027 Assessment Roll

San Francisco, CA – Today, Assessor-Recorder Joaquín Torres announced that the City and County of San Francisco has closed the secured assessment roll for the first time using the Office of the Assessor-Recorder's new assessment system, SMART. Launched in 2025, SMART replaced a nearly 30-year-old legacy technology with a modernized cloud-based system.  

San Francisco’s total local assessment roll grew to approximately $361.1 billion for 2026-2027, after exemptions—an increase of approximately $7.57 billion over the previous year, or 2.14%. The assessment roll comprises the total taxable value of all real and business personal property in San Francisco, approximately 212,228 parcels and 36,445 business assessments as of the January 1, 2026, lien date.  

“When we modernize aging systems, we're doing so to provide San Franciscans with the quality service they expect and deserve. Closing the assessment roll in SMART marks a major milestone as we transform our Office to deliver a government that works better for you,” said Assessor-Recorder Joaquín Torres. “Replacing a nearly 30-year-old technology is not easy, and our team met this moment with extraordinary dedication, transforming our Office while managing unprecedented workloads and closing the assessment roll that provides for the schools, public safety, clean streets, and resources that each of us relies on.”    

Each year by July 1, the Office identifies, locates, values, and enrolls all taxable property in San Francisco in accordance with State and local laws. This year’s roll close, the first with the City’s new system, required tremendous effort and multiple rounds of testing to ensure continuity for a property tax system that delivers over $3 billion in revenue annually.  

• The Office achieved this while managing a sustained, unprecedented rise in assessment appeals with no meaningful decreases in other assessment work: resolving over 7,600 assessment appeals and 13,150 assessment items, such as valuing property during new construction and changes in ownership.  
• At the same time, the Office continued its focus on customer service improvements, launching a new taxpayer portal, allowing San Franciscans to do business with the Office online. Coupled with several other modernization initiatives to create a more efficient taxpayer experience, San Francisco is now one of the most digitally accessible Assessor-Recorders in California.  

Assessment Roll Growth Factors  

The two main drivers of growth are the California Consumer Price Index (CCPI) and processed assessment items such as new construction and changes in ownership. Growth can be slowed by temporary decline-in-value reductions under Proposition 8 (1978) and exemptions.   

This year, San Francisco’s assessment roll once again saw limited growth, stemming from changes in the economy following the pandemic, particularly in commercial real estate values. 

• The CCPI and associated 2% increase in the assessed value of properties were the largest contributors to secured roll growth at 52%, adding approximately $3.96 billion in assessed value before exemptions. 
• Processed new construction accounts for an estimated 23% of secured roll growth, adding approximately $1.75 billion in assessed value before exemptions. 
• Processed change in ownership items (sales & transfers) account for an estimated 25% of secured roll growth, adding approximately $1.85 billion in assessed value before exemptions. 

Under Proposition 13, owners with no assessable event see assessments rise by the CCPI or 2%, whichever is lower.  

Exemptions  
The 2026-2027 assessment roll includes exemptions totaling approximately $23.15 billion in assessed value, producing approximately $273 million in savings for homeowners, disabled veterans, churches, schools, museums, affordable housing projects and others. 

Temporary Declines-in-Value 
California’s Proposition 8 allows for properties whose market value has dropped below their assessed value to receive a temporary reduction. The Office reviews these values annually, including those requested through our free Informal Review service, and adjusts them until market value returns to or exceeds the assessed value. The 2026-2027 assessment roll includes over 8,600 properties that qualified for a Proposition 8 reduction as of the January 1, 2026, lien date, resulting in a temporary reduction in total assessed value of approximately $5.5 billion.  

Unsecured Property (Business Personal Property & Possessory Interest) 

Before exemptions, Unsecured Property decreased by 0.54% to a total assessed value of $23.3 billion. Unsecured property includes business personal property (such as fixtures, equipment, and machinery used in connection with a business) and possessory interest (government-owned real estate leased or used by a private party for exclusive use). It accounts for 6.1% of the total roll before exemptions. Values for business personal property have been affected by the Board of Equalization’s Annual Asset Factors.  

Notices of Assessed Value 

San Francisco is one of 11 counties in California to send individual Notices of Assessed Values to all property owners. San Franciscans receive their notices throughout the month of July. The 2026 values listed on the notices serve as the basis for property tax bills that owners receive from the Treasurer & Tax Collector in October. If any taxpayers have questions about their assessed values, State law, their right to an assessment appeal or otherwise, they should call 3-1-1, use our online taxpayer portal, or email us at assessor@sfgov.org.