COUNTY OF SAN MATEO

Inter-Departmental Correspondence

County Counsel

DATE:

November 12, 2009

BOARD MEETING DATE:

December 1, 2009

SPECIAL NOTICE/HEARING:

None

VOTE REQUIRED:

Majority

TO:

Honorable Board of Supervisors

FROM:

County Counsel

SUBJECT:

Correction of Property Tax Roll

5001 Woodside Road, Woodside

APN 072-211-510

RECOMMENDATION:

Approve corrections to the 2008 and 2009 tax rolls, and the corresponding tax refund with interest, to reflect implementation of the decision of the San Mateo County Assessment Appeals Board (“AAB”) with respect to the above-referenced parcel owned by Dearborn Stables LLC (“Dearborn Stables”), and located at 5001 Woodside Road in Woodside.

BACKGROUND:

The subject property was purchased by the taxpayer on December 15, 2006 as part of an exchange for another property. The Assessor valued the property at $18,500,000 and the taxpayer filed an assessment appeal on that value. Further review of sales of comparable properties, along with the building limitations placed on the property because of zoning and topography, indicated that the owners overpaid and the Assessor and the taxpayer agreed to a stipulated value of $12,500,000. The Assessment Appeals Board approved the stipulated value and issued a Statement of Change for tax year 2007.

DISCUSSION:

The Statement of Change issued by the AAB referenced tax year 2007, but did include the attendant value reduction for tax years 2008 and 2009. Accordingly, the Assessor is correcting the tax roll to reflect the AAB’s decision. This action approves that correction. Authorizing this correction of the property tax roll will contribute to the Shared Vision 2025 outcome of collaborative community by demonstrating fiscal accountability.

FISCAL IMPACT:

The fiscal impact of this action is a $73,184.86 decrease in the 2009 tax roll; and a $71,895.72 in the 2008 tax roll, with a corresponding property tax refund of the same amount, plus interest.