my name is carmen chiu, san francisco's elected assessor. when i meet with seniors in the community, they're thinking about the future. some want to down size or move to a new neighborhood that's closer to family, but they also worry that making such a change will increase their property taxes. that's why i want to share with you a property tax saving program called proposition 60. so how does this work? prop 60 was passed in 1986 to allow seniors who are 55 years and older to keep their prop 13 value, even when they move into a new home. under prop 13 law, property growth is limited to 2% growth a year. but when ownership changes the law requires that we reassess the value to new market value. compared to your existing home, which was benefited from the -- which has benefited from the prop 13 growth limit on taxable value, the new limit on the replacement home would likely be higher. that's where prop 60 comes in. prop 60 recognizes that seniors on fixed income may not be able to afford higher taxes so it allows them to carryover their exis

my name is carmen chiu, san francisco's elected assessor. when i meet with seniors in the community, they're thinking about the future. some want to down size or move to a new neighborhood that's closer to family, but they also worry that making such a change will increase their property taxes. that's why i want to share with you a property tax saving program called proposition 60. so how does this work? prop 60 was passed in 1986 to allow seniors who are 55 years and older to keep their prop 13 value, even when they move into a new home. under prop 13 law, property growth is limited to 2% growth a year. but when ownership changes the law requires that we reassess the value to new market value. compared to your existing home, which was benefited from the -- which has benefited from the prop 13 growth limit on taxable value, the new limit on the replacement home would likely be higher. that's where prop 60 comes in. prop 60 recognizes that seniors on fixed income may not be able to afford higher taxes so it allows them to carryover their exis

my name is carmen chiu, san francisco's elected assessor. buying your first home is a big deal. for many of 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 va

our assessor carmen chiu, our tax assessor and then the president and c.e.o. of the san francisco chamber of commerce rodney fong and the labor council. the four of them worked to orchestrate everything that we did and our final report was published in october with 41 prioritized recommendations and additional ideas. it's important i think for me to note for everyone's benefit straightaway, that the product of the task force was as i mentioned, recommendations. this report does not necessarily in and of itself constitute a road map to economic recovery all by itself. these are not new laws, not new rules. they are suggestions and recommendations gathered through the work of the task force and are very robust community engagement and listening process which i'll talk about a little more in a second, but i wanted to make that very clear. these were presented in full to the board on october 27. you'll see that the city's recovery will be -- i think there is a lot of interest talking in preparation with debbie about this presentation. of course, a lot of interest

my name is carmen chiu, san francisco's elected assessor. buying your first home is a big deal. for many of 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 va

my name is carmen chiu, san francisco's aelectricitied assessor.are 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 eligible child. a bi

i want to echo my colleagues who thanked everyone in this process, and a special thank you to carmen chiu, who personally called me on a regular basis to keep me and my staff updated on what was going on, so thank you so, so, so, so much. and i -- similar to the housing fees, i wanted to share some concerns around 4.6, reviewing employer mandates. and specifically, that makes me think about the health care security ordinance and the employer spending requirement. and i just want to make very, very clear that during a pandemic, when there's more need for health care than perhaps ever before, that this supervisor is not open to reconsidering whether or not there is going to be an employer spending requirement for workers' health care expenses. i have been working with d.p.h. to make it easier for workers to access their medical reimbursement accounts if they have one, and we are continuing to make improvements. not only can workers use those for the broadest expenses you can possibly imagine, but together with supervisor mar and the mayor's office, we created a program allowing workers, for