§ 10.2-8. EXEMPTION FROM PROPERTY TAXATION OF LOW-VALUE PERSONAL PROPERTY.

(a) Findings and Intent.

(1) Section 155.20 of the California Revenue and Taxation Code permits County Boards of Supervisors to exempt from property tax property with a total full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them. The exemption is limited to property with a total full value of $5,000 or less. In enacting this ordinance, the Board of Supervisors intends to exercise the authority granted to it pursuant to Revenue and Taxation Code Section 155.20, as amended from time to time, with respect to personal property on the unsecured roll with a total full value of $4,000 or less.

(2) The Board of Supervisors of the City and County of San Francisco has determined that the costs of assessing and collecting the taxes, assessments, and subventions on personal property on the unsecured roll with a total full value of $4,000 or less, exceeds the proceeds to be collected.

(b) Exemption. Beginning with the 1998-99 assessment year, all personal property, as defined in Section 106 of the Revenue and Taxation Code as amended from time to time, with a total full cash value of $4,000 or less, shall be exempt from property taxation and shall not be entered on the unsecured property tax roll, as provided in Revenue and Taxation Code Section 155.20, as amended from time to time. This exemption shall apply only when the aggregate value of all personal property owned, possessed or controlled by any one owner or taxpayer does not exceed $4,000 on any given lien date.

(Added by Ord. 308-97, App. 8/1/97; amended by Ord. 313-00, File No. 001908, App. 12/28/2000)