SF home values temporarily reduced

July 20, 2009 1:28:00 PM PDT
San Francisco home owners are getting a big break on their property taxes.

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Assessor Phil Ting announced he's granting temporary reductions in home values due to the downturn in the housing market.

He's making the move for the first time in more than a decade.

"Despite the economy, despite the drop in real estate values, San Francisco still remains very strong overall, in terms of assessed value," said Ting.

He said the total property tax assessment for the city is actually higher this year.

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