 Okay, welcome to financial planning day. We are very lucky to have assessor Torres with us today, and he'll be talking about property tax changes for the county of San Francisco. We have, he's got a lot of material to cover today and so you can put any questions in the chat function and I'll be monitoring that and then when we get to the end if we have, if I see questions that we haven't covered, we'll try to get through those. Thank you so much for joining us today assessor Torres. Thank you so much for having me Karen. I'm very very excited to be here for this online financial planning day. Good afternoon everyone. My name is Joaquin Torres and I'm your elected assessor recorder here in the city and county of San Francisco and I wanted to say thank you again for joining us on file on this financial planning day session that specifically covers what's known as proposition 19. If you have any of that I just want to say in the chat section my staff will be putting up contact information where you can reach out to us. So that when I say those things that you don't have to just jump for them, they'll also be in the chat section as well. So you can pick those up and know how to reach out to us with additional questions that you may have around this issue. You can reach out to us on our website, etc, and you'll find that information in the chat section. So I very much want to thank of course the organizers Chris Remedios, Aaron Christianson who just introduced me, and of course the San Francisco Public Library for hosting what I know has been a great event, and creates a valuable bridge for our residents, you to connect with experts on key personal financial topics. And I see the next slide please. I just want to provide a disclaimer. You often hear that this kind of disclaimer with sections such as these in podcasts where financial information or legal information is provided and shared as a narrative. So financial information is provided as general information about proposition 19. It's not intended to be a legal interpretation or be taken as official guidance or relied on for a purpose but as instead presented as a summary of information for you. Proposition 19 is a constitutional amendment in California. So additional legislation regulations statewide guidance are what's expected to clarify its implementation, and we get that guidance from the state Board of Equalization. So there's a conflict between the information that we provide here, and the proposition or any legal authorities implementing or interpreting the proposition, the text of the proposition and the other implementing or interpretive authorities will prevail and take precedent and so we encourage you to take time to consult with an attorney is appropriate for advice on your specific situation. Next slide please. So we're going to do a general overview where I can share some of the latest updates from my office property and transfer tax revenue data, and then we're going to spend the bulk of time on proposition 19. So just take a note that this is a slightly longer presentation so I can, it can include some common scenarios, and some of the frequently asked questions that we often get and we talk about proposition 19. And if you still have some questions, please reach out to us at assessor at SF gov.org assessor at SF gov.org, which we'll put in the chat. So, and we can also share this presentation with all of you so why don't we go ahead and get started. Next slide please. So, what is the office of the assessor recorder, it can be broken down essentially to the activities that you see here. We identify discover and assess all real property. We're responsible as well for transfer tax collection, which is the only tax rule that we have directly. We grant all property tax exemptions as required by law, and we record and maintain public documents. So we provide the most stable and secure source or the basis for the most stable and secure source of funding for the city and county of San Francisco, which then goes right into the general fund dollars that pay for all the vital public services that we rely on to have a healthy, vibrant and successful city. Next slide please. So, as you've heard I have two roles to the office on the assessor, I'm the recorder so we assess and record. And we ensure that there's a strong basis for the city's financial resiliency as I mentioned. And on the assessor side, as I mentioned, we value all the property in the county all real property apply those exclusions and exemptions is required by state law. And it's about 211,000 parcels throughout the entire city and county. So just think of you're on a block or if you're at a park and you're overlooking the city someplace or looking, looking around at a certain view of the city and you see all that property in totality about 211,000 parcels, as well as about 37,000 business personal property accounts. And the latest data reflects years long culmination of the great work of the team at the office of the assessor recorder. A great group of professionals who are dedicated to doing this accurate and diligent work. We do it in a timely way, we do it in a fair way and we do it in a transparent way. And that's the continued mission that we have that guides us. The total assess value of all of those properties and parcels that I mentioned is about $332 billion. That's assess value. Then after a tax rate is applied to that value. It ends up being as it did recently, meaning about $3.7 billion in property tax revenue for again those fundamental services. Now, such as education or schools or parks or roads emergency services that deal with issues providing resources for small businesses to nonprofits and other vital services that people provide for us again for San Francisco. In addition to doing that basic work of making sure we have that assessed value on a roll is what we call it. We apply all the legal exemptions that are required by law and that's about $20 billion of exemptions just for this year. And that ends up equaling about $230 million in property tax savings for homeowners, disabled veterans, churches, schools, museums, affordable housing projects and charitable organizations. So last earlier this year in July, we mailed out the annual notices of assessed value, which includes those exemption values. So, as you receive these, receive this information from our office, just make sure you're noticing that value that's placed in that notice because that is what forms the basis of what eventually will be your tax bill that is sent to you by the treasurer and tax collector. So again, any questions just go ahead and reach out to us. Then on the recorder side again just an overview of what we do, we're responsible for recording over 200 types of documents, real estate transactions deeds trusts, we hold that information which is searchable and we're seeking to increase access to that information, and then also marriage certificates. In the fiscal year of 21-22, we collected over $3,345 million in transfer tax. So transfer tax on the recorder side is created whenever there's a transaction properties change hands. And that is both in a real physical way and sometimes in a paper way when there's a legal entity that is switching operational control. So that then results in the transfer tax being applied. So, we want to make sure that everyone is also paying their fair share. And we audit transfer tax documents from large corporations, legal entity ownership, and really make sure that we are capturing value that may be under reported. So since 2015 when we started taking this closer look and really making sure people were paying their fair share, we recovered and have recovered over $72 million in additional revenue for the general fund. So that's essential from our perspective in terms of making sure that people are paying their fair share, and that we are doing our due diligence by abiding by the law to make sure we can capture that that resource for the benefit of you. All right, next slide please. So that's an overview of the office now let's move into what we want to talk about today, specifically changes the state constitution that occurred back in November of 2020. And that is proposition 19. As I mentioned, it's a state ballot measure that passed in November of 2020, and that changed the state's constitution specifically article 13 a proposition 13 property tax law that is the essentially the tone that guides us when it comes to property taxes state rules codes that we need to follow. So before and since its passage, many people have been reaching out to our office to clarify what it means. They want help and understanding what, what and how their transfer desires have been impacted in some way. And it makes sense because it is a very complicated law, and it changed the rules for two types of reassessment exclusions. There are two components to proposition 19, the base year value transfer. And then the other one is the intergenerational transfer exclusion, or what's called the parent to child and grandparent grandchild transfer exclusion. So it's a little wonky and I'll try to do my best to break this down in in the most simple and direct manner possible. So find that factor base year value that I'm talking about. If you're a property owner on your notice of assessed value. And again, that is something that happens on an annual basis in July. So look for that if you don't receive it, and you're expecting one, please do reach out to our office to make sure that something hasn't been missed in the mailing process, or otherwise. Remember to check that value it's important for you to always do that mistakes can occur, even with the best of systems. So please do pay attention to that and reach out to us so if there's any corrections that need to be made, we can take care of that. And again, as I mentioned, any questions, reach right back out to us. Next slide please. Okay. So, what is the base year value transfer. The base year value law allows eligible homeowners, when they move to another home to transfer their existing low factor base year value to that replacement home. Why is that important, because if I bought a home for $200,000, let's say, and I want to move to a different area. It's going to be a change in ownership, a change in ownership triggers a reassessment or reassessment measures market rate value at that time. And we all know how expensive homes are these days. And you can imagine how much your property tax obligation may increase this component of a law addresses that. So the law now requires at least one event, an event sale purchase of your home to occur on or after April 1 of 2021. This date is then the operative date for the base year value transfer, and transfers can occur anywhere in the state, and each eligible homeowner can transfer that base year value up to three times. So there's no longer a limit to the market value of the replacement property before there was so that's one good change. And before proposition 19, the replacement home had to be at or below the original homes market value to qualify. And each provides more flexibility and where you can go and making sure that you can still take advantage of that same property tax savings that proposition 13 had given you by maintaining a cap on how much on an annual by how much on an annual basis, your, your assessed value could increase. So provides more flexibility to preserve that factor base year value for the replacement home. And the next slide who's eligible. So a homeowner has to meet one of the following criteria, age 55 and older, severely and permanently disabled, or a victim of a wildfire or natural disaster. So, those are some of the requirements, as it relates to your person. And then there's about the replacement home and the timeline, the replacement home has to be purchased or newly constructed within two years of the sale of that original home. And the homeowner must occupy the, the original and the replacement dwelling as a principal residents right so typically that is defined as where you select where your homeowner's exemption is going to be because that is your home that's where you live. And that's the principal residents. Next slide please. So, if you are curious as to what does severely and permanently disabled mean, according to the law in this case, you can see here on this slide I'll give you a moment to read that. All right next slide please. All right the filing period, just to kind of keep in your head because there's a lot of a lot of technicalities here. You don't have to remember all the rules but you need to know where to go to find that information to make sure that you're in accordance with the law. Do that due diligence either directly or with someone that you're working with to make sure that you understand what your obligations are and there are many timelines, details, information, additional actions that you have to take. You want to make sure that you kind of write those down. So you have a place to make sure on a checklist to make sure that you know that you've covered those bases. So to qualify for the base year value transfer, you have to file a claim for the transfer within three years after the purchase or completion of construction of that replacement dwelling. So you got to file that claim for the transfer within three years after the purchase or completion of construction of that new home. And then if you miss a deadline there's some perspective relief that may be available to you that is available to you. Next slide please. Okay, so here's an example. There's no limit to the market value of the replacement property. So any amount of the replacement property above that original properties market value is added to the assessed value for a new base year value. So here's an example of what that means. Let's say there's an eligible homeowner, you're right, you qualify over age 55, who purchases a replacement home for $1.5 million. Four months later, she sells her home for $1.2 million. I don't know why that's going to happen but let's just say it does. Her original home has a taxable value or factor base year value of $250,000 that was the amount that the value was at and she wants to transfer that low base year value to her new home. So in this case, Proposition 19 can be some benefit, can provide some benefit. The replacement home exceeds 100% of her original home's market value. So even though you had the flexibility to choose that home, which you did not before, there's still a ramification to making that choice. So because the overage or the excess market value is going to be added to her original taxable value. In this example, you would see that the excess is $300,000, it's $1.5 million minus $1.2 million. And then that $300,000 will be added to that original factor base year value that you were carrying that lower amount of $250,000, and that gives you $550,000. That's going to be the basis on which your tax rate is applied and then that will lead you and lead you with the tax bill. Note that while the tax, while the base year value is not $250,000 in this case, it's also not $1.5 million or whatever that market value would be of the newly purchased home. Which is what it would have been without this provision applied. So there is significant savings there. And by about three times and that can make a huge difference on an annual basis, but when you have to come up with those dollars to pay your property taxes, two times per year, which is what the treasure and tax collector notices you send you the bill about right. Next slide please. So let me go over some of the frequently asked questions that we have around some of these base year value transfers. So one is I'm 54 years old. If I sell my home right now, and I buy the replacement dwelling after I turn age 55, will I be eligible to transfer the base year value. The answer that is no. Very specifically you must be age 55 or over when you sell that original primary residence to qualify. So you must have a replacement residence prior to age 55, but you must be age 55 or older on the sale of the original primary residence. Some of these elements don't always make sense. But those are the rules. And that's, that's what the, that's what the voter passed and then there's been clarifying letters to us from the Board of Equalization to clarify that this impact is the rule. Sometimes that is a case where you're like boom, why is why is that flexibly allowed here versus there. The answer is because it's in the law. Next slide please. Timing. How long do I have to buy replacement home after selling my original home. So two years to purchase a replacement property that you will use the primary residence that's what the law states. Next question. So, let's say due to coven 19, you've not been able to construct replacement property is there an exception. And that's been a debate it's been going on in the state legislature, but it hasn't been resolved yet. The two year requirement is is what is binding in the state constitution. And as of today, there are no exceptions. So that's where we are right now. Next slide. So let's say that there's a couple, they bought that home and they divorce as part of that divorce the principal residents that they lived in was sold. And the owners be able to transfer their share of the back of the base year value to their respective replacement residences, aka can you cut it up in someone and then transfer that cut up that cut up a base year value and apply it to a new home. The answer is no. And it may transfer the original properties base year value. If both parties qualify, they must mutually decide who is going to get that benefit. Next slide please. Can I have a co owner question. Can I have my child on title with me. The answer. Yes, if you and your child purchase the property together from a third party. There is no requirement that the claimant be the sole owner of either the original primary residents or the replacement primary residents. So, again, there's these nuances in the law that you want to pay attention to. If you're ever confused, ask the question so you can get clarity on what the answer will be to make sure you have a smooth this process possible. Next question please. And the answer which is I sold my home, and I purchased a 50% interest in my friends residents. Am I able to transfer my base year value to my 50% interest. And the answer is no replacement residents did not undergo 100% change in ownership. So that is what is required that 100% change in ownership. So that is the base year value transfer section of proposition 19. And if there's time at the end of the presentation will very happy to answer any more questions about that but again, if you don't, don't be shy, just go ahead and reach out to us and send us information of prop 19 is very complicated very complex it takes many times to go over it. Whether you are a presenter on it or whether you are on the practical side of it of trying to determine how it will apply to your situation. Reach out to us because it does help us inform how we want to share information. How we provide narrative and summary about proposition 19 and what the rules are. All right, so now we're going to go to the second part of proposition 19. And that is known as the intergenerational transfer exclusion. So let's talk about that. This is one of the more controversial elements proposition 19 among many communities not only in San Francisco but statewide because it changes the rules that apply to transfers between parents and children and grandparents and grandchildren. This provision of the law became operative about three months after the law passed. And that was in February, February 16 of 2021. And it limits the property types and the value amount that a family can transfer to their children before a property reassessment is triggered, which then has an implication on your property taxes. So, for example, proposition 19 now says commercial property is no longer eligible for that exclusion benefit. Commercial properties no longer eligible for that exclusion benefit that was taken away, which the voters voted on by 51%, a simple majority during November of 2020. The property has to qualify as a family home or principal place of residence, and there is a cap to the amount excluded from the reassessment. So we're going to go into that here in just a moment so next slide. So, here's a qualifies as a child for proposition 19. The definition of a child includes a person born of the parent, a stepchild, an inlaw child adopted or a foster child. Next slide please. So qualifications again principal place of residence right this is where you live this is the home you have. It's clear when that is the case. So to be eligible, the person transferring the property, the transfer or must have lived in that property as their primary home. The one who receives the property, the transferee must also claim that residence as their principal place of residence. So not a vacation place. It's an income property that she'll rent on the market, but it is your principal place of residence. The transferee must file for the homeowners exemption within one year of the home transfer. So you need to file for that homeowners exemption to make sure that you can notice on there that it is your primary place of residence the verification process goes on, but that is something that you must do. As a transferee. So, a transfer you again the one who receives the property. Within one year of the home transfer. This is important because it's the requirement that stated in the California constitution again in that law, and there is no exception. Next slide please. Okay, principal place of residence. So how do you show that how do you verify that you show that by filling out the homeowners or the disabled veterans. So you can go to our website SF Assessor.org SF Assessor.org. And you can just fill out the you can find those forms click on the form section, pull the ones out that you know are yours, confusing to you just call us reach out to us stop by and ask. And it's important to know that an accessory dwelling unit, otherwise known as an ADU and junior or junior ADU, those are eligible as a principal place of residence. So should a transferee, again the one who receives wish to occupy one of the units as their primary residence, the family, the family home with the you is eligible for proposition 19. I know it gets a little wonky. I'm not going to go much further into that but if you have questions about that specific provision, reach out to us. See if you don't find the answers in the questionnaires, but again we're always here to take your calls. Next slide please. So there are some filing requirements that you want to keep at the top of your mind because they must be met. So I wrote some different timing deadlines here. There's an exemption form for principal place of residency, a one year deadline, and number two, there's an exclusion from reassessment claim, which has a three year deadline from the time of transfer. So this deadline only applies the property has not been sold. So again, if deadlines are missed, there's prospective relief from the data filing, only if the property is still owned by the transferee. And just remember, those timelines are reported because the relief that you are seeking cannot be provided retroactively if you miss those deadlines. Okay, so let's go over some examples. Here's one. So there's a parent. They transfer their principal residence to their child on this very specific date, let's say March 1 2021. The child moves into the property and files for the homeowner's exemption and reassessment exclusion on February 1 2022. So those claims have been filed in a timely manner, the child is eligible for the exclusion as of the date of transfer on that date of March 1 2021. So both claims are timely file eligibility occurs as of March 1 2021. That's when the property transfer. Next slide please. So here's an example of someone who missed a deadline file. And let's say a parent passes away and you know, this is something that happens, a parent passes away on June 15 of 2021, June 15 2021. The estate plan that was created leaves real property to a child. The exclusion from reassessment was filed on January 22 of the following year, six months after the transfer occurred. The child moves into the home and files a homeowner's exemption on August 2 2022. But that's over one year after the date of the transfer. So the exclusion claim, that was timely file, but the homeowner's exemption claim wasn't because it didn't, it wasn't filed in that one year period. So the child can be eligible for prospective relief in the future. And the exclusion would apply as of the next lean date, which is the first of the year of every single year. The 2022 lean date for that 2022 2023 fiscal year. So it gets very complicated very quickly with the most simple of two, two options that you have there. You want to make sure that you are paying attention to those deadlines, because missing them can have implications for you financial. So what would happen here is that the child would have to pay a supplemental assessment for the year. Which would be something that could have been avoided if you had timely file those documents. All right, next slide please. So this is about the value cap. So you had heard before what the rules were in the other provision in relationship to base your value transfers where you were able to take that factor base your value that $250,000 amount. Move it to the new property, and then anything over the market rate value of that, the, the market rate value of the new property that was over the selling price of the original property that Delta would then be applied to your factor base your value. So you still get a benefit, you have more flexibility in choosing maybe a more expensive property, but you'd still will be able to balance what your obligation to be financially because the rule provided for that. But now let's look at this version. So proposition 19 apply requires our office to apply a valuation test to the reassessment claim exclusion claim. The value cap for the exclusion is a sum of the factor base your value, plus a million dollars. So the factor base your value yet a million dollars on top of that, and that becomes the value cap and we'll show right now how that plays out. So any excess beyond that market value cap is then added to the new base your value as a new properties base your values so somewhat of a similar formula there, but let's take a look at it a little more closely. Next slide please. So, a death occurs on this date, June 2 2021. The factor base your value of the home is $800,000, and the market value of the home is $1.6 million. So the property qualifies as a family home. So first step, and the eligible transfer ease file both claims on April 15 of 2022. So to calculate the value cap we take that factor base your value that $800,000. We, we add the base your value of $800,000 to one million, and that we get the value cap $1.8 million. No additional market value added if the market value does not exceed the value cap. And in this case, since the $1.6 million market value is less than the value cap of $1.8 million. There's nothing else added there's no adjustment required to the factor base your value. So essentially you're under that value cap. No worries. The child's base your value of $800,000 is maintained with a new transfer of the property, and it's the same as what her parents or what their parents were paying during that during that that last year before there's that adjustment that happens each year based on what your obligation is, but that is measured per proposition 13 on an annual basis, slight increase, but that's also cat. That's for different conversation but just want to give you a sense of this example. All right, so let's look at a different example. Next slightly thank you. So, let's say the death date occurs on April 3 of 2021. We know the factor base your value for that home is $400,000 of the market value of the home is $1.6 million. So the home qualifies as a family home right principle place of residence and the eligible transfer these file claims on January 15 2022. So that within the deadlines in timeline so that part is taken care of. Now we have to do the value cap. How do you do that $400,000 plus a million dollars and get $1.4 million. So what do we say the market value of the home was $1.6 million. In this case exceeds that value cap. So it's the 1.6 million is greater than the value cap so what's the excess $200,000 that $200,000 excess is then added to the $400,000 base factor base your value for a new number a new assess value of $600,000. So that becomes the basis for the new taxable value as of the transfer date. So, again, it's not the $1.4 million of value assess value that's going to be grounding what your tax obligation will be, but it's also not the $400,000 value. If you have a new number applied you add additional $200,000 based on the rule to get that $600,000 number, but still much much less than what that $1.4 million base would have provided in terms of a much higher property tax obligation you would have without proposition 19. Let's go over a few questions. So we have an own owner occupied multi unit property so we all know in San Francisco there are many property types, you have multi unit buildings, somewhere owner occupied and then transfer down to the next generation. So how would proposition 19 impact an owner occupied multi unit building. The answer is that the child receiving the property would need to move into the unit that was previously the parents principal residents in order to take advantage of the parent child exclusion from reassessment under the proposition. The rest of the property, however, the rest of the property so you have a 10 unit building, one of them was your parents, they transfer that one same unit to you, you occupy that unit. That's the only place where you are going to benefit from proposition 19. The remainder of the multi unit building is going to be increased to fair market value. And that will in that value will determine what's taxed so pretty, pretty big change there in terms of how you as a transferee who receives a property is going to have to think about your financing in relationship to receiving the benefit of just that one unit in comparison to the whole building and what your obligations are going to be again planning is important understanding the rules is important and making sure that you were doing the due diligence to understand what your financial obligations are going to be in this new environment. Next slide please. Okay. My mother's trust leaves her home to me and my two siblings equally. Will this property be subject to reassessment as of our mother's passing. Whether it is, again, at least one of the children or the qualified airs must occupy that home within one year as their principal primary residence. Both the homeowners exemption and proposition 19 exclusion claim must be timely file to qualify for exclusion from reassessment as of the date of death. So again, someone has to move into that into that home and it must be the principal residence. I'll give an anecdotal. Someone had parents who passed away in Los Angeles. Both, both children did not live in Los Angeles. They realized that they did not have the opportunity to move there as a principal primary residence, and they knew that then that property, since it would not be a principal primary residence was going to be reassessed to market value and the property tax obligation was not going to make them return and for them financially and they didn't have the time to manage it in a way that would have it make sense with them. So they decided to sell it. That's one of the implications played out in real time real life examples of choices that people have to make based on the costs that they're going to have to assume because of these changes. Next slide please. So once again, deadline deadline deadline make sure you know if those are don't assume that one deadline applies equally across the board for every choice you have to make. We wish that were the case but it is not right you have to make sure you understand what the different deadlines are. So again, here's one other question about that. When inheriting a home is there a specified amount of time that one needs to claim a residence as their principal residents to meet the criteria exclusion criteria prop 19. When you say exclusion criteria, that just means that you're not going to be subject to reassessment to market value when excluded from that so you can benefit from the factor base your value the lower amount carrying forward in your new in your new environment. And for you as a transfer or receiver of a new home. So the answer here is the homeowners exemption needs to be claimed within one year of the date of the transfer. If inherited if an if inheriting the date of transfer in a case like this would be the date of death in which that in which that transfer occurred is one example the date of the death is one example of that. The parent child exclusion claim must be filed within three years of the date of the transfer, or prior to the transfer to a third party. So you want to make sure that you're understanding those two different components, an exemption that has to be filed within one year, and an exclusion claim that has three years from the date of the transfer. So here's another question to elderly siblings, they live in the same house, they own this property together, and it is their only property. If one sibling passes away with the property tax be reevaluated or reassessed based on market value of their house. The answer to that is no, the transfer of a co 10c interest from one co tenant to the remaining co tenant, which occurs due to the death of one co tenant on or after January 1 of 2013 may be excluded from reassessment, if certain conditions are met. So there's some more information you want to look at there, and you can visit this section on our website SF assessor.org for more information and more information on the filing requirement so again, keep on asking the questions as you're going through these iterations. These different scenarios that you want to be prepared for, so that you understand what to do in that moment, and you can be prepared. I have, I have one more that's about life estate did we pass that was our previous slide on life estate. No, but I will read this one anyway so we don't have this slide. So, if the recipient so this is different that's not on the slides here. So the creation of a life estate remainder to the descent, descent, descent, descendants child files indeed reflecting this is this considered a change in ownership triggering a reassessment. So the creation of a life estate and property is a change in ownership at the time of transfer, unless the instrument creating a life estate reserves such a state in the transfer in the transfer or the transfer spouse. So this one gets very complicated upon termination of such a reserved life estate, the vesting of a right to possession or enjoyment of a remainder men other than the transfer or the transfer spouse is a change in ownership mouthful. I know you're going to want to reach out to us and make sure that we can give you the information that you can look at that will guide you or your agent in determining the particulars of your individual case. So the bottom line on this slide is the information about additional resources that you can get. This is the end the proposition on prop 19. So as I mentioned because it can be very complicated based on certain questions or scenarios that you have my staff is available in the office to help you understand. I've frequently asked questions and guidance that you see here, and there's a link to the board of equalization pages that provides even more in depth information on proposition 19. And then one final thing, as I mentioned SF assessor.org is our website. And just remembering this in general, separating apart from this. This is just a reminder of key dates to keep in mind that applies statewide all 58 counties of California. We begin our work with a lean date on January 1. For every property whether it's real property business personal property or possessory interest. Our office looks at the assess value determines it based on that lean date of January 1. And then our exemptions deadline is February 15. Next, on the timeline we have June 30. That's the date that we close the role that role provides the information about total assess value at that moment in time. So that we can at a city can plan for its financial choices that it wants to make based on the expectations of value on the role. In July, as I mentioned at the end of July, everyone who owns real property will receive a notice in the mail, a notice, not a bill of notice of assess value in the mail. And it'll tell you the assess value for the year, and include the exemption that you are noted to receive that year as well. So again, just make sure you read that to make sure it's accurate. Then again in October, you're going to get the bill from the treasurer in the tax collector's office. And as I mentioned before you have two installments and what you pay that one amount, that total amount. The first one in December and the second in April. For those who have property and possessory interest interest, they can expect to receive a notice and a tax bill in July. And so that due date is sooner. So just make sure you're paying attention to what exact type of notice you're getting than the associated bills, because there are some different due dates, hence paying attention to timelines, deadlines is so so important. Next slide. Again, you have any questions or available in person by phone or by email. We'll put this in the chat section. Please go ahead and reach out to us when you have a moment. I do make do make note of hours if you're recording you want to come in earlier than 5pm. If you have some of that business to take care of, because we do close those services an hour earlier. So we're ready for the next day. Well, thank you very very much for your time. I think we're at time. But if there's any additional questions out there I'm happy to answer any right now there might be quick to answer, or we can conclude. And as I mentioned, we're always available. Thank you so much assessor Torres. We have a lot of questions that came through the chat I think most of them, there was your FAQs were very good and really got to a lot of those questions. And so I think we'll call it there I will say, I'm a financial planner and so I talk with clients often who are going through transferring properties between generations are moving. And so I've called the assessor's office with a number of clients and every time I've been very impressed by our dedicated civil servants and they know things right off the bat I think I'm giving them a corner case and they like nope very clearly it's over here don't worry yes I can give it's a really wonderful team you've got there so highly recommend emailing calling them, I've always been impressed. Oh thank you so much Karen and and again if you if you have an experience you're not satisfied with. I want to know that to our team wants to know that too. So we can adjust because that informs how we provide clear information to you accurate information to you so you can make the best choices in your interest so thank you, Karen very much for saying that. Thank you assessor tourists thank you everyone for participating up next we have a tax update with Larry pond, and we still have one on one sessions going with financial planners for the rest of the day so please stick around. Thank you everyone. Thank you everyone.