S.F. commercial properties seek tax relief

The San Francisco Chronicle reports:

Landmark skyscrapers, signature hotels and upscale retailers glitter in the San Francisco skyline and enhance its cachet. But with commercial real estate slumping, they soon may subtract badly needed cash from the city's coffers.

Trophy buildings, including One Market Plaza, Bank of America Center, Crocker Galleria, the Marriott Marquis, the Westin St. Francis and One Sansome Street, lead the list of more than 1,000 commercial properties in San Francisco asking to have their property taxes slashed.

Collectively, those office towers, hotels, shopping centers and apartment buildings have an assessed value of $21.25 billion - but their owners say they're worth about half that amount. If those claims stand, that could wipe $115.78 million off the property taxes the city collects. Residential appeals could erase another $13.47 million in property tax revenue.