The San Francisco Parking Tax Bond is required by the City and County of San Francisco, California.
What is the Purpose of the Bond?
The San Francisco Parking Tax Bond is in force to help ensure that parking lot owners and operators adhere to the following rules and obligations in San Francisco’s City Law Code:
- All amounts of taxes and fees imposed are due and payable to the San Francisco Tax Collector
- These taxes and fees must be paid on or before the last day of the month immediately following the month for which the payment is due.
- Each parking structure or lot has an effective tax of 25% on the rent of every occupancy of parking space in a parking structure or lot in the City and County of San Francisco.
- The Code imposes revenue control equipment requirements and compliance fees on parking operators.
What Does This Bond Enforce?
The bond guarantees that the bond principal (the person or entity that purchased the bond, in this case the owner or operator of the parking structure) properly pays the obligee (the person or entity who requires the bond, in this case the City of San Francisco) the parking lot taxes. If a claim is made on the bond by the obligee, the surety will look to the principal (parking lot owner) and its indemnitors to make it whole. The San Francisco Parking Tax Bond is not insurance for the parking lot owner, it is insurance to the city that the taxes are paid on time and in full.
How do I apply for the San Francisco Parking Tax bond?
At Surety1 we make it easy to apply your surety bond. Simply complete our easy to use, online application and usually within a business day one of our surety bond professionals will contact you with a quote. For larger bonds, financial statements may be required by the surety. Once approved, make payment and the bond will be shipped to you via traceable mail. Overnight delivery is also available. Once you receive the bond, you must sign it and turn it into the city.
Surety1 is and AssuredPartners agency and has been writing surety bonds nationwide since 2003. Based in Rancho Cordova, California, Surety1 maintains an A+ rating form the Better Business Bureau