 Public Library, thank you for joining us today for our property tax one on one. If you need Chinese or Spanish interpretation, please click on the globe icon. On your menu bar and select the language you need. Bienvenidos todos. Soy Lia Geoman, administradora del cuarto piso de la biblioteca pública de San Francisco. Gracias por acompañarnos hoy para lo básico sobre los impuestos prediales. Si necesita interpretación en chino o español, por favor, presione en el icono del globo terráqueo, en su barra del menú y seleccione el idioma que necesita. Hola, bienvenido a todos. Llegado a la participación de nuestra por la participación de nuestra participación, por favor, tus preguntas en la Q&A. Este programa será registrado y livestreamado aquí en YouTube en esta URL. Tenemos una encabezada de encabezada si necesitas una transcripción en tu screen. Y si eso, es mi honor introducir a nuestro compañero y presentador, asesor Joaquín Torres. Joaquín Torres lleva una organización de 176 individuos convidados, profesionales, para eficientemente identificar y asesorar todos los textos de la propiedad en la ciudad y el ciudad de San Francisco, y aplicar todas las excepciones legales. Su oficina también recorda y mantiene los récords oficiales de la ciudad y recoge la transcripción de cambios en la propiedad de la ownership. Torres es inspirada a un primer y publico servicio por modeles de juego que creen que el mejor gobierno está realizado cuando escucha a la gente que sirva y then responde con políticas y programas diseñadas para hacer sus vidas mejor. Como director former de la oficina de San Francisco de Economía y Desarrollo, Torres llevó la ciudad de COVID-19 esfuerzos económicos para trabajadores y negociadores. Durante la pandemia, hemos llevado la creación de apoyo anteriores y anteriores para pequeños negocios, incluyendo dirigir más de 50 millones de dólares en granzas y mones, a más de 3,500 pequeños negocios, 10 millones de dólares en fee y taxas, y asistencia aplicando para el estado y el federal. Torres está orgulloso de haber ayudado a focar en la ciudad para construir una economía más equitable, incluyendo el lanzamiento de la ciudad, el primer americano afroamericano revolvido, maravilloso, fundador, y el incremento de recursos para mujeres, minoridades y inmigrantes. Como parte de la ciudad's economic recovery task force, él ha sido instrumental en lay the foundation for additional economic relief. Torres es un graduado de Stanford University y New York University's Tisch School of the Arts and the proud grandson of Mexican immigrants. He lives in the inner sunset with his wife, Ruibo Chen. Please welcome Joaquin Torres. Thank you so much, Leah, and thank you very much the San Francisco Public Library for making this space together with us. I always very much appreciate the warm welcome and especially the collaboration to help us with our family wealth series webinars. This is our third presentation of the family wealth series and I'm very lucky that I get to build upon what my predecessor Carmen Chu began. In this webinar, what we're hoping you learn is about the resources that we have and also to hear from experts about the complex topics that are in relationship to financial resiliency. My ultimate goal, our office's ultimate goal, is to reach underserved communities to build home ownership across all neighborhoods and as Leah mentioned, I'm the new San Francisco Assessor here Joaquin Torres and I'm very excited to share with you fundamental information about how property taxes are calculated, what notices you should expect as homeowners, and tax savings information that is beneficial to you. This is information that all homeowners should know and that we hope that you can benefit from. As you heard, I'm very pleased that we're joined by Derek Anin and Felix Rodriguez from our office of the assessor who can help answer questions in the chat box if you have any questions that you would like to see answered in real time and we can reference them back again in case some of you don't see those in the chat section so that we make sure we're getting those answers out to you. For anything that's not answered during the presentation, we'll make sure to reach back out to you with an answer to your question. If we can't answer a question today, again we'll reach out and make sure that we get you the information that you need that might be based on your very specific needs. Next slide please. So here's a quick agenda. I'll start with the basics of the office of the assessor recorder. We'll do an overview of Prop 13. We'll discuss a little bit of the supplemental tax and a few of the property tax benefits that may be available to you. We'll go through some of the nuts and bolts of property tax in this way and then we'll come back for some question and answers more formally at the end but please remember if you have a question, put it right on the chat section and staff will make sure they can answer any of those questions for you in real time. Next slide please. So a quick overview of the office of the assessor recorder. There are two components to this office, the assessor division which is responsible for valuing all the property in the city and county and then applying all of the exclusions and exemptions that are required by state law. Last fiscal year for the 2020-2021 fiscal year, we identified approximately 211,000 parcels in San Francisco that provide an assessed value of about $328 billion. So we're very important in terms of finding that value. When you think about the $13.1 billion in our general fund budget that's moving forward this year in the city and county of San Francisco, we're very proud that we make up $3.7 billion of those dollars based on the work that we do on an annual basis. I'm also very proud that the office continued third times a charm, success of closing the role on time to make sure that we can get those dollars into the city coffers for the benefits of schools and families and general services, always important but even more so during this time when so many have been struggling to move through this pandemic. I'm very proud that our work is connected to making sure we have the resources available to serve our communities. These are direct dollars that support our city's revenue and I know that this is important to all of you as well because of the value that we can create in our city. About 64% of the dollars that we value go towards a general fund and as I mentioned other services such as education and transportation and healthy air districts are also supported to a smaller amount on the last two of BART and the Bay Area Air Quality District in terms of the resources that are provided for their services. And then on the recorder side we're responsible for recording real estate transactions, example like a deed of trust, a lien related document, mortgages, public documents including power of attorney and so many of our favorites, the marriage certificates. There's about 200 document types that we deal with in our office. Next slide please. Oh and then just an additional thing, previous slide please Kenneth. There's also the transfer tax that we also collect in our office, about 345 million in the past year that we've collected and then also some of the audit work proactively that we do to make sure that we're not leaving dollars on someone else's table but that we have those dollars to support city services. And that program has created about 70 million dollars in additional funding for the city because of that proactive work that we do through that audit program. Next slide please. So how do we determine property tax? The process of collecting property taxes involves a few independent departments, all of them within the city and county. And we work together so that we're providing checks and balances for property taxes. As I mentioned before, our office, the assessor recorder, locates all of the taxable property in the county and then identifies ownership. Our office then establishes that taxable assessed value and then this assessed value on the property determines the property tax that we pay. So I mentioned the role earlier, all of that value goes on that role so that we can then appropriately determine what property taxes do for the city and county. Each of the 58 counties in the state of California has an elected assessor who is required by the state's constitution to set that property value at the fair market value or the full cash value at the time of a change of ownership or new construction. And then we apply all of the legal exemptions that are required of us by law. Once we complete the annual assessment role that shows the assessed value of all property in San Francisco, we then submit it to that friendly face, his office, the controller's office. They determine the tax rate, which includes the mandated 1% rate and additional special assessments, which are voter approved parcel taxes. Over the past decade, voters of San Francisco have gone to the ballot and they've approved measures to provide funding to the San Francisco Unified School District and City College of San Francisco as a couple of examples. Then next, the Treasury and Tax Collector's Office makes a tax calculations based on the assessed value that we've provided on that role and the controller's tax rate. They then issue tax bills and collect those taxes. Next slide, please. So in the next few slides, we're going to take a closer look at how property taxes are calculated. So what does a law require of us? We look at the market value on the day that you became the owner. So typically it's a sale price at the fair market value. It's our job in the assessor's office to look at the full cash value or the fair market value of the home. And then we set that value as your taxable value. Next slide, please. We then apply that tax rate to the assessed value. Important to note, and will guide so much of our work right now, is Prop 13, which caps the property tax rate at 1%. So currently the property tax rate is just a little over 1% with additional voter approved taxes. Prop 13, that value cannot increase by more than 2%. Next slide, please. So let's walk through about what I mean when I say that the assessed value does not increase by more than 2% a year. So if you understand the difference between the assessed value and the market value concept, I'm hoping that helps you as homeowners understand the impact on property taxes when there's a change in ownership or new improvement that's done to a particular piece of real property. So here's a specific example of that. So this slide shows a home that was purchased in 1990. They bought that home for $100,000. Our office then assessed the value of that home at that point in time at $100,000. That was the fair market value then. Again, per state law under Prop 13, the value on which an individual's property tax is calculated is not allowed to increase more than 2% a year. So that's reflected in the line in blue, which shows that the assessed value growing 2% annually from 1990 to 2020, as an example, to a current assessed value based on that 2020 period of approximately $185,000. Another name, if you want to get wonky about it, for that $185,000 value is factored base year value. Why is that? Because it includes the original base year of $100,000 plus all of those annual adjustments that have been allowed and those increases over that time period. So you compare that value in blue on the blue line to the value that's marked in orange. That's the home's fair market value or full cash value. And as we all know, that value has very likely grown a lot more than 2% per year. It would not be a surprise for a typical home in San Francisco these days to have a fair market value of $1.2 million in 2020. So in summary, Prop 13 provides three very important functions in property tax assessments in California, that all real property has established base year values, that the property tax rate is capped at 1% of the assessed value, plus any of the additional voter approved taxes, and that Prop 13 also caps the assessed value growth that's allowed over time, that that cannot exceed 2%. Next slide please. So any changes to that value can always be re-triggered by the resale of your home or piece of property, title transfers to another co-owner or substantial construction work. In this illustration, the sale of the home resulted in a new assessed value that was then bumped up to the fair market value. Next slide please. So in this illustration, you can see that the benefits of a property's assessed value protected under Prop 13 are quite significant. In this illustration that you see here, we just walked through for a family who bought their home in 1990 with that factor base year over time of $185,000. They're paying about $2,200 in property tax per year. Now, if the same home, the exact same home was sold to another family in 2020, then that triggers a reassessment, an accessible event, and that home is reassessed at its full cash value or the fair market value of as you see here, $1.2 million. You can see what the difference ends up being from a property tax perspective. Previously, before the property was sold, those owners, based on their factor base year value, were paying $2,200 versus when you establish that fair market value for the home, they're now paying $12,300 for those property taxes because it has been adjusted to the fair market value after an accessible event has occurred. Next slide please. Now, there are also below market rate units that are sold. Those are subject to very special deed provisions that impose restrictions on who is occupying the space, rental of the space, transfer of the space of the unit, and resale of the space, the unit. Property taxes on a below market rate BMR, below market rate unit, are assessed based on the below market price instead of that market value. So, the below market rate assessed value will then be set to that below market rate sales price. The mayor's office of housing and community development, that's what MOHCD stands for, the mayor's office of housing and community of development work closely with our office on title transfers, on below market rate property transfers, below market rate property tax reassessments so that we can provide you that information. If you have more questions about that, you can always go on to the SFGov site and ask or you can visit specifically the mayor's office of housing community development site as well or of course always reach out to our office and I'll provide that information at the end of the presentation as well. Next slide please. The Supplemental Tax. What is the Supplemental Tax? Another concept that we want all homeowners to understand is this. In the next few slides, I'm going to go over what that supplemental tax is and how to calculate it. So, let's go to the next slide. So, it's a big deal when you buy your first home. I know that for so many who've had the privilege of a lot of hard work and a lot of opportunity that's enabled them to buy that home, it's the single largest asset that a person will own, that a family will own and that's why it's very important as part of that to plan ahead for the property taxes and any other items so that you're not surprised by a bill that is coming due. We do not want you to be surprised, that's why we have the information here on our website, frequently asked questions and you can always call us if you have questions, please do make use of us for that service. We want to make sure that you have the information that you need to be successful with no surprises. So, whether you signed up for an impound account or whether you're going to pay the taxes yourself, you're going to receive an important piece of mail and that is your supplemental tax notice. A typical question a new home owner asks, maybe after some colorful language, is what is this supplemental tax and that tax is issued when a property is sold to a new owner or new construction is completed. Again, those accessible events. This supplemental tax typically reflects the increase in assessed value after a new home purchase or new construction that adds a value to your home. Next slide please. So, how is this tax calculated? Let's walk through that right now. So, as you can see here, there's two steps that our office takes when calculating this supplemental tax. First, we find the difference in value between the previous value and the new value. And then once we determine what that difference is, which is also known as the supplemental value, we then plug that into a formula that includes a tax rate of 1% and the prorated time factor of ownership in that year. Now, that time factor reflects the number of months in a fiscal year that you have owned the home. Next slide please. So, step one, we can see the calculation, how it's applied in this following scenario. A family buys a new home on September 15 for $500,000. The prior assessed value of the home was $250,000. So, our office determines that there's a supplemental value that needs to be determined. We find the difference between the new value, assessed value of $500,000, the prior assessed value of $250,000 to come to the supplemental value, $250,000. Now, the next step gets a little complicated, but we'll walk through it together. Next slide. So, after we determine the supplemental value, which in this case, as we just discovered, is $250,000, we then multiply the value to the tax rate and the time you own the home. So, how does our office determine the time factor of ownership? Again, the factor is based on the number of months that you have owned your home in a fiscal year. And the city operates on a fiscal year process from July 1 to June 30 of the following year. And the supplemental tax becomes effective the first day of the month following the sale. So, again, the first day of the month following the sale. June 15, July 1. And then our office prorates what you owe based on how many months are left in that fiscal year. So, in this example, you bought the house in September. So, you're going to owe that portion of the supplemental tax from October to June, the end of the fiscal year. Not the end of the calendar year, but the end of the fiscal year. Again, July 1 to June 30. That prorated factor for the remaining nine months is 0.75, 75% of the year. This is determined by dividing the remaining nine months by 12, the total number of months in a year. Now, we have all the values that we need to finish the formula. You have the $250,000 for the supplemental value. You have 1% for the tax rate and you have 0.75 for the time value based on what we just went through. So, we then take the product of these three values to get to the final supplemental tax, which is, in this case, $1,875. Now, I notice a bit complicated, it's just a bit of a formula, step by step by step by step. And again, please do contact our office if you have more questions about this calculation specifically. Next slide, please. So, again, we have a calculator that can help you do this. It's called our supplemental tax calculator. You can find it on our website. It's designed to help you estimate your property taxes after you purchase your home so that you can prepare for that tax bill when it comes due. The calculator, again, is available on our website at sfassessor.org. And then you can see, of course, the forward slash tax dash calculator to get to it even faster. But you can always just go to sfassessor.org. So, we've determined that new value, that new assessed value, and the amount on the supplemental tax bill. But it may take several months for new homeowners to get that bill. So, this is because once a deed is recorded, our office begins the reassessment process, and that can take several months after the purchase of a new property or that completed new construction. So, when our office finishes the assessment, the treasurer and tax collector's office will mail you that supplemental tax bill. Another question our office gets is, well, why am I receiving two supplemental tax bills? So, if you close on the purchase of your home between January 1 and May 31 of the year, you should expect to receive two supplemental tax bills. Why is that the case? Because the supplemental bill is sent for the current fiscal year, which ends on June 30, and the second one is sent for the next fiscal year, starting July 1. So, by the time that we value your property for reassessment and we update our records, property tax bills may already be calculated based on the prior assessed value for the next fiscal year. So, getting two supplemental tax bills is not a mistake, they're both for two different fiscal years. Some lenders, it's important to note, may not pay that supplemental. So, the bill is sent directly to the homeowner. So, please don't take anything for granted if you receive it. Don't assume it's been taken care of. Please do reach out to your lender and clarify. Reach out to our office for advice. We don't want to get you caught in some place where you had an assumption that you made about what you did or did not owe, whether that might have been a mistake or not. Most likely, receiving that notice is not a mistake. So, please do read it. Reach out to our office with questions to make sure that you are not penalized for any action that you do not take. So, once you've paid that supplemental tax, new owners should receive only one regular tax bill per year going forward. Again, just to kind of correct for those changes in ownership, the completion of that new construction, etc. Next slide, please. So, every year, right around this time, I start receiving angry phone calls from people that have received their notice of assessed valuation. This is the time when you should be receiving that in a rolling basis. Not everyone will receive it at the same time. It's an official notice of assessed value to property owners like you to notify them and you of your properties assessed value. As I mentioned, it's mailed in July of each calendar year. It's not a tax bill. Nothing is due at that time. That happens later on in the process. This is the properties assessed value that's used to determine those future property taxes and that future bill for the upcoming year that you will receive. So, I want to make sure that you understand what the notice says. So, usually you will see your name and address that is specific to your property. And there are also just a few things that I want to point out in the letter that you'll receive. First, this notice provides your property's factor-based year value, which tells you what the assessed value of your home is. Again, that's not the fair market value if you've owned your home for a long time. For below market rate owners, contact our office, please. If your assessed value from your below market rate unit appears to be based on the market value of your unit and not the restricted value, you got a question, you aren't certain, please just do reach out. It's always better to ask that question and get the correct answer than assume something that might not be beneficial to you. And if there's a big jump that you notice there, you either had a change in ownership that you'll be able to verify or contest or construction activity. And it's important for you to make sure that the notice of assessed value looks right to you. Another important line is the exemption line. That number should read zero or it should read 7,000. So if you own and live in that home, you get a $7,000 reduction from the assessed value. That's from the assessed value, a $7,000 reduction from the assessed value. For homeowners living in their home, if you see $0 value there, give us a call. We'll walk you through the homeowner's exemption and make sure that it gets applied appropriately. If the value does not seem right, you have until September 15th of this year to contest the amount. It's the same every year. So again, once you receive it, you don't agree with it, reach out with some questions and take some steps you have until September 15th to do so. You then later on in the year, typically in October, you will receive a bill from the treasurer and tax collector's office. And lastly, if you would like to receive that notice of assessed value in a language other than English, there's an online request form that you can fill out again, sfassessor.org. Next slide, please. So how to apply for the homeowner's exemption. Why do you apply? Because you want to make sure that if you're qualifying for this exemption and you can then reduce your home's property, your home's property assessed value, but that's $7,000 that I mentioned. This reduction of your assessed value is equivalent to about $82 in savings off your tax bill. So it's very easy to apply for, visit the website and download that claim form. And just remember what the eligibility is that you own the property. It's your principal residence and that you are not receiving an exemption on other property that you may have in California. Please apply as soon as possible once you know that you're going to to make sure that we can take care of that for you in due time. Next slide, please. Oh, and just a reminder, if you are a new owner, you still need a file for that homeowner's exemption. So again, just make sure you have that checklist for yourself as you move through that process to make sure you get every benefit that is allowed to you. So what are some other property tax benefits? You have the homeowner's exemption that I just mentioned. You also have a disability, a disabled veteran's exemption. So veterans with 100% disability or partially disabled and unemployed, or they're unmarried surviving spouses or all eligible for up to a little over $147,000 in exemption. If a total household income does not exceed $66,251, the dollars, the 100% disabled veteran may qualify for up to a $221,000 exemption. So again, a great benefit for those who have served our country. And we want to make sure that you're aware of the exemptions that are available to you, your family, or your friends to make sure you're getting the benefits that are for you. The next one is a property tax postponement. So the state controller's office, which administers the, these are a lot of mouthfuls, the property tax postponement program that allows for eligible homeowners to postpone payment of current year property taxes on their primary residence. It's available for owners who are blind, disabled, or at least 62 years old. They must have an annual household income of 35,500 or less and 40% equity in their homes in order for them to apply to defer payment of property taxes on their principal residence. Next slide, please. A lot of dates to remember. These are some of the important ones that we want you to have on your calendar, on a yearly basis. So here they are in July, homeowners will receive during this month that notice of assessed value from my office through the mail. Remember, this is not a bill. In October, that property tax bill from the treasurer and tax selectors office will be mailed to homeowners and that bill can be paid in two installments. The first one is due on December 10th. The second one is due on April 10th. And always remember to file that homeowners exemption by February 15th of the calendar year. And again, remember that if you have any questions or you want to contest that notice of assessed value that you received in the mail from us during this month of July, you must submit that information by September 15th. So just remember you have a bit of time, but it goes by pretty quick as we all know. And please do if you have questions, get on it right away so that we can solve those issues for you. Next slide please. So of course my staff is ready to assist you with your property tax related questions. And should you wish to further yourself, your family members, your friends, they want some more education around financial resiliency. I want to recommend very much these additional resources that are available to you for free. These are not all of them, but this is a great start for you to get connected. So first I want to mention again our partners in the Family Well Series, the San Francisco Public Libraries, Business, Science and Technology Center. The library, as we all know, has a wealth of information, knowledge, resources and ongoing workshops like this one that you're joining. And you can find that on the link there at the sfpl.org website. Along with the information about what's available at the main library. So please do click that link for more information that's available to you for free there. The next one is that we have colleagues in the Office of Financial Empowerment. And they have great programs. One of the resources that can be provided to you is free financial counseling and coaching. So again visit that website, meet a financial coach at that website that's included there to take advantage of that resource as well. And then finally our home ownership SF. They are a partner who is a great resource for those just getting started in the purchase of a home. And also helping people understand what's available to them, what questions they should be thinking about and planning for the answers that may be coming. It's a city-wide collaborative of nonprofit housing agencies. They serve as a centralized hub for local affordable housing resources. And they're particularly important for those of you who are interested in purchasing a below market rate unit. Again their website homeownershipsf.org. Next slide please. And again I'm very proud that we're bringing this to you as our third of four in this expanded family financial resiliency series. And this webinar again is just the beginning. The goal that we have with this series is to lower barriers, connect you with San Franciscans regardless of what your household income is with the resources that you need to make the right financial choices to build a life of safety, security for yourselves and for your families. And so I please hope that you join us for next week's final presentation on estate planning that will feature some of our partners from the housing and economic rights advocates. Again please do make use of these. We're very happy to provide them to you. And if you have questions or you will want to see something different anything please to help make this better for future viewers. Please don't hesitate to let us know. Thank you. Next slide. Should you have any questions? If you need any assistance our office is open for business again. Both virtually but in person. So if there's any issues and you want to come on in these are our office hours. We also have an ePortal and a physical drop box that are located just outside of city hall which have been allowing people to conduct their business without interruption even during the pandemic and the shelter in place. And we're continuing to offer these options while also providing that in person service. So come on by for questions. Call us come on by email us whatever is easiest for you and make sure that we can get your questions answered. Next slide please. So thank you very much. That concludes my presentation again very high level. And I hope that we can answer some of those high level questions. If there are some that are more particular to your very specific circumstance we should probably set up some time to have you speak with someone more in depth in our office. All right. We have a little bit of time to take a few questions now. All right thank you so much for another great presentation as desert forest. We have a question. If a person receives a life estate in the property is the property reassessed? So again important to remember that when an accessible event happens then an assessment will happen right based on transfer of ownership of the particulars or new construction. So please do reach out on the specifics to our office so that we can be sure that you're aware of what will happen next. Thank you. The next question is there's a person that's asking about an individual situation. I think this person, Rick, you need to write to the assessor's office for your answer since it's very specific to your situation. The next question is how does MCC work with the assessment? What was the question again? I'm sorry. How does MCC work with the assessment? I'm not quite sure what the acronym is. I'm sorry. I'm not either. Kimberly, do you want to unmute yourself and tell us what you mean by MCC? Yeah, I don't think participants can unmute themselves. So maybe the participant can write it in chat. Okay. Yeah, Kimberly, just go ahead and explain what you mean by MCC and that will help assessor Torres answer your question. The next question is how does additional construction affect assessment, updating bathroom and kitchen? Is this considered construction? It all depends on the substantive nature of the improvement. So there are some improvements that take place that will not have an impact on your assessment such as retrofitting. There are things expand on the square footage of the improvement that you're making that might improve the space and therefore the value of your home that would be an accessible event. Again, it all depends on those particulars. And then again, so it would be good to reach out to our office to find out is that something that would trigger an accessible event or is this something an improvement that will not affect my property taxes? This is a big question that's coming up for us because we really do want to let people know what that overall annual impact may be that are related to some of our social housing goals here in the city. So, for example, that for people who are considering improvements to make available units that they may have an accessory dwelling unit that downstairs space that can be someone else's home. We want to be able to reach back out to you and let you know what is or is not going to be a very big impact depending on the improvements to that site. And then with regards to staffing here on the mortgage credit certificate, do we have an answer here? The question was how does the mortgage credit certificate work with the assessment? Yeah. And so I'm asking staff if they can reply to that question or if it's very specific to MoCD programs and more specifically for below market rate units. I don't know, Felix or Derek can answer that question. Thank you. Do upgrades such as solar or roof improvements also affect to properties assessed value? There it will be important similar to those types of improvements to look on our website or reach out whether it's a certain type of roof improvement or substantive improvement to your property to see which one blends over. Okay, it looks like the next question is sort of more personally based so maybe Victor you can write to the assessor's office for an answer to your question. How would a 1031 exchange work in the property tax? Well, again, I think that we're going to need to have some time with you, Steven, to answer that question. And it looks like those are the questions so far. So great. So for the mortgage credit certificate question I'm not seeing any responses from a staffing here. I don't know if Derek or Derek or Felix can reach back out to those who are asking to get them answers to the question and the same for Steven as well in terms of diving into that 1031 exchange. So I do see another question from Betty if a person receives a life estate is the property reassessed? So again, depending on what the transfer is the transfer is the event and it all depends on what the nature of that transfer is and also what if any implications related to the recently past prop 19 we did a presentation on that earlier that you may want to look at to see how in what way you may be impacted by prop 19 due to an event like that either positively or negatively from a financial point of view. Okay, I don't see any questions that haven't been answered. Okay. Can I just get an affirmative on the chat section that these unanswered questions will be followed up on? I don't know if I'm able to see all of the Yeah, we will allow that. Okay, great. Thank you so much Felix. All right. Okay, any additional questions in the chat section? I don't see any additional questions that haven't been answered yet. Great. So again, you can reach out to our office. If I could have a staff put the information into the chat section for our front office line in addition to our emails. Steven, that would be the best way to get in touch with us. And anytime you can always go to 311 and they can connect you to us if it's if you do not have the information. Great. And again, it's here as sfassessor.org assessor at sfgov.org and then our phone number direct line is 554-5596. Holly, thank you for putting that in the chat section. And then to Rick Myers, please answer with regards to which question. I think that a lot of the questions are in regards to the property tax limitations that have been placed and a lot of the state measures that were passed by the voters in the state of California that would require additional state action similar to what we've seen with prop 13 that was established in the 70s similar to the measures that were passed via prop 19 in November of last year. Those have all happened at the state level, again, which governs what we are responsible for administering here at the local level guided by the state constitution. And if you have more questions, Rick, please you reach out to us so we can do that a little bit more fully for you. And again, that number is 554-5596. All right. Thank you all very, very much. Thank you assessor Torres. And again, many thanks to the San Francisco Public Library to you, Lea and all of your staff. And I look forward for the next one. All right, we'll see you next week on Tuesday at 1 p.m. Thank you to everyone. Thank you, everyone.