From today’s SF Business Times, “Phil Ting has to keep track of property valuations on more than 190,000 parcels that generate more than $1 billion in tax revenue. By law, his office must reassess a property if more than 50 percent of its ownership changes hands, a process that usually results in a higher tax bill. Human nature being what it is, people can sometimes overlook telling the assessor that a sale has taken place — and the bigger the building or bigger the tax increase, the bigger the potential tax loss from such forgetfulness.”

“That, dear citizen, is where you come in.”

“Under legislation approved this week, the Assessor’s office wants people to drop a dime on their neighbors or others who might have failed to record a change in property ownership, and he is appealing to more than the civic-mindedness of the naturally nosy: Real estate watchdogs who finger a miscreant will get up to 10 percent of the tax increase their tip generates — up to $500,000.”

“Ting said he got the idea for the city’s watchdog program after hearing about a similar program run by the IRS. That program, he said, has netted $47 for every $1 in reward money.”

Once this becomes public knowledge, expect the assessor’s office to spend 99% of it’s working hours sorting through false alarms (or sales that were already reported)…

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