Prices over the Years: 2 Bedroom Tenancies-in-Common

2 Bedroom Tenancies-in-Common

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The periods in which both the lowest and highest number of sales occurred in each area are noted. When the number of sales is very low, statistical analysis is generally not meaningful.

The Median Sales Price is that price at which half the properties sold for more and half for less. It may be affected by “unusual” events in any particular period or by changes in buying trends, such as a market shift to lower-end home sales (such as is happening today -- to a large degree due to the current difficulty in financing the purchase of more expensive homes, and for houses, due to the significant increase in foreclosure sales in some neighborhoods).

Individual Tax Bills for Tenancies in Common One Step Closer

As we first reported back in September of last year (courtesy of the 'head's up' from Gordon over at Plan C), it looks as though Phil Ting from the San Francisco Real Estate Assessor office is looking to make good on his offer to help clarify the oft confusing, record keeping nightmare facing many Tenancy in Common owners come tax time.

As it stands, there is one stunning tax bill sent out to all Tenancies in Common, regardless of how many individual units exist within the TIC, or how long the TIC has been in existence. That tax bill, in it's simplest form, is split by the individual owners based on their percentage of ownership of the Tenancy in Common. The trick begins once an owner sells, or remodels - thereby triggering a reassessment (aka increase) in property taxes - the increased portion of the tax bill then becomes the responsibility of the offending owner whether they are the new kid on the block or someone looking to update.

Now, take a six unit TIC that's been around for oh, I dunno, say 10 years, which has seen several resales, a few remodels, and voila! - Dante's Hell of accounting.

To stave off any confusion, Ting plans to send out notices in July to all known Tenancies in Common, along with the yearly notice of assessed value, clarifying the city's policy on separate assessments for TICs and how to request one. It's important to note that simply getting a separate tax bill does not exclude every owner of the TIC partnership from being liable for both their share as well as the whole, in the event one owner falls behind. Thus reiterating the importance of a great TIC agreement and reserve account.

S.F. may clarify TIC units' tax liabilities [SFGate]
Calling ALL Tenancy in Common Owners [SFHomeBlog]
Mapping San Francisco's TICs [SFHomeBlog]