Stability of Property Tax Revenue Helps Local Governments Through Pandemic
The stability of property tax revenue under Proposition 13 is proving to be a major benefit for local governments. The San Francisco City Controller reported May 13 that San Francisco has a budget surplus of $157.3 million in the current fiscal year. “The money comes mainly from a windfall of revenue from property taxes and a tax on the sale of commercial properties,” the San Francisco Business Times reported. “This is a new budget surplus as the $125 million surplus…