Urban disarray and declining tax base
These properties are among the most iconic in San Francisco, but what they also have in common is their owners are applying for dramatic cuts in their assessed values in a worrying sign for the city’s fiscal health.
At Chase Center, property owners are attempting to cut the city’s assessed $1.48 billion value for the stadium by some 58% to $635 million.
The owner of the Transamerica Pyramid, New York developer Shvo, which purchased the building in 2020, is seeking a 53% reduction in its assessed value from $485.5 million to $227 million.
The Westin St. Francis Hotel owners are applying for a more than 90% decrease in its assessed value of $787 million all the way down to $76 million.
