Bank Wants Tax Break For Skyscraper
You think your property taxes are high…The owners of a San Francisco landmark tower want their property tax bill lowered. Shorenstein Company, owners of the 52-story Bank of America building, say their tax bill should be cut down in size by about $6 million.
The company says the assessed value of the skyscraper is too high. Shorenstein says the building was worth about $320 million last year — $180 million less than what the company paid for it in 1985. But the city assessor´s office doesn´t see it that way. The city says the B of A building is really worth about $705 million.
That would mean the owner would have to pay more than $4 million in additional taxes.