Prior to April 19, 2000, the land located at 1 Circle Star Way was owned by Circle Star Associates, LP ("Circle Star Associates"), while the improvements were owned by the Davis Velma Family Limited Partnership ("Davis Velma"). A deed recorded on April 19, 2000, reflects a transfer of the Circle Star property. The Assessor's transfers system determined that the Circle Star property transfer was a full interest transfer of the land and improvements at that location to Davis Velma. Thereafter, the Assessor determined that the April 19, 2000 deed effected a transfer only of the Circle Star property land, since Davis Velma already owned the improvements. |
Because the Assessor's office determined that the April 19, 2000 deed reflected a change in ownership of the improvements located on the Circle Star property, it reassessed the improvements as of the date of their supposed change in ownership, increasing the assessed value from $23,163,246 to $37,000,000. The Assessor made a supplemental assessment for the 2000 tax year reflecting this increase in value. Similarly, at the time that the 2001 tax roll was prepared, the Assessor valued the Circle Star property improvements at $37,740,000 ($37,000,000, plus the 2% increase in assessed value authorized under Proposition 8).
The has determined that no change in ownership of the Circle Star property improvements occurred in April 2000, and that they should, therefore, not have been reassessed. The Assessor seeks to correct the 2000 and 2001 rolls to reflect the Circle Star property improvements' pre-reassessment values of $23,163,246 and $23,626,510, respectively. Because these corrections will result in refunds of greater than $50,000, the approval of this Board is required. |
The implementation of this proposal will further commitments and assist on achieving goals set forth on the County's Shared Vision 2010 report. Specifically, this proposal implements the commitment of providing "responsive, effective, and collaborative government." Similarly, the instant proposal will help the County to achieve the goals of ensuring that "[g]overnment decisions are based on careful consideration of future impact" |
The fiscal impact of this action is estimated to be a $144,704.77 tax dollar decrease to the 2000 roll, and a $146,836.74 decrease to the 2001 roll, and refunds to Davis Velma in these amounts. The County's General Fund share of these decreases and refunds is approximately 14% of the amount for each year (i.e., $20,258.67 and $20,557.14). |
