last year, the winner was our assessor-recorder carmen chiu. we're very happy to have her -- in the month of may be able to bring to our city a whole month of activities. we have plenty of events because we have celebrations, partners such as the asian art museum, san francisco public library, and the country's largest asian american themed festival. with all of these organizations, i think we have a healthy calendar. but back to today, we are happy to be here, celebrating lunar new year. we are very lucky to be in a city that we have cultural offerings with the different cultural offerings. so some of you -- some of you may not have met mayor breed. mayor breed is a native of san francisco. she grew up in the western addition in the public housing, graduated from schools -- from schools in san francisco, from galileo, as i remember, and without taking the time to read the mayor's long bio, many people have asked me how is it working with mayor breed? and i just have to say, i am not jewish, but if i were jewish, our mayor has a lot of chutzpah

my name is carmen chiu, san francisco's elected assessor. buying your first home is a big deal.us, it's the single largest asset that we'll own. that's why it's really important to plan ahead for property taxes so that there are no surprises. a typical question new homeowners ask is what is a supplemental tax. so understand supplemental tax, we need to start with proposition 13. under california's prop 13 law, the value we use to calculate your property tax is limited to a 2% growth peryear, but when ownership changes, prop 13 requires that we set a properties assessed value to market value. the difference in value between the previous owner's value and the new value is the supplemental assessment. how does the supplemental assessment translate to the tax you need to pay? supplemental tax is calculated by applying the tax rate to the value and then prorating it for the amount of time that you owned it in that tax year. in generale, the tax rate is roughly 1%. let's walk-through an example together. here dan is the original owner of a home with a prop 13 protected value of $400,0

my name is carmen chiu, san francisco's aelectricitied assessor., i want to share with you a property tax savings programs for families called proposition 58. prop 58 was passed in 1986 and it was helped parents pass on their lower property tax base to their children. so how does this work? under california's prop 13 law, the value we use to calculate your property tax is limited to 2% growth peryear. but when ownership changes, prop 13 requires that we reassess properties to market value. if parents want to pass on their home or other property to their children, it would be considered a change in ownership. assuming the market value of your property has gone up, your children, the new owners, would pay taxes starting at that new higher level. that's where prop 58 comes in. prop 58 recognizes the transfer between parents and children so that instead of taxing your children at that new higher level, they get to keep your lower prop 13 value. remember, prop 58 only applies to transfers between parents and children. here's how the law twines an eligib