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COUNTY OF SAN MATEO
Inter-Departmental Correspondence
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County Counsel
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DATE:
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September 20, 2004
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BOARD MEETING DATE:
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October 19, 2004
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TO:
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Honorable Board of Supervisors
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FROM:
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County Counsel
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SUBJECT:
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Correction of Property Tax Roll, APN 040-010-030, 101000 Park Place, San Mateo
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Recommendation
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Approve a change to the 2003 tax roll, and a corresponding tax refund to PW Acquisitions VIII LLE (“PW”), to correct the value of a supplemental assessment issued for the property located at 101000 Park Place, in San Mateo (the “Property”).
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Background
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In 2003, the San Mateo County Assessor’s staff enrolled a change in ownership of the Property, and entered it on the roll at $94,351,000 as of the date of the change in ownership, based on the amount of documentary transfer tax paid. The tax bill was thereafter cancelled because the Assessor determined that $80,000,000 in new construction should have been enrolled prior to enrollment of the transfer. After the value of the improvements is enrolled, the Assessor will enroll the change in ownership. As of the change in ownership date, the Assessor’s staff appraised the Property at $90,000,000, and a supplemental assessment reflecting this valuation will be issued after the new construction on the Property has been enrolled.
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Discussion
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Pursuant to section 4831 or the California Revenue & Taxation Code, which allows for corrections to the tax roll, the Assessor proposes to delete the $94,351,000 assessment, and instead, issue a supplemental assessment for $87,317,892 (reflecting $80,000,000 in property improvements and $7,317,892 in land value).
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Vision Alignment
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The implementation of this proposal will further commitments and assist in achieving goals set forth in the County’s Shared Vision 2010 report. Specifically, this proposal implements the commitment of providing “responsive, effective, and collaborative government.”
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Fiscal Impact
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The fiscal impact of this action is estimated to be a $75,739.54 decrease in the 2003 roll, and a corresponding property tax refund of the same amount. The County’s General Fund share of the refund is 14% of the decrease (i.e., approximately $10,603.54).
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