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COUNTY OF SAN MATEO
Inter-Departmental Correspondence
County Counsel
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DATE:
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March 14, 2011
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BOARD MEETING DATE:
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March 29, 2011
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SPECIAL NOTICE/HEARING:
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None
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VOTE REQUIRED:
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Majority
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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: Arjax Railroad Associates II LLC APN 035-200-180.
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RECOMMENDATION:
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Approve corrections to the 2010 annual secured property tax roll for property owned by Arjax Railroad Associates II LLC APN 035-200-180.
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BACKGROUND:
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Revenue and Taxation Code section 4831 allows for the correction of the tax roll where there has been an error made by the Assessor within the statute of limitations. Here, the Assessor failed to recognize a decline in value as of the lien date. When the correction to the tax roll involves a correction in excess of $50,000, Board of Supervisor’s approval of that correction is required.
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DISCUSSION:
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The requested correction arises as a result of an error in failing to recognize a decline in value in the subject property as of January 1, 2010. A review of comparable sales and an analysis of the income producing property indicates that the property’s market value is less than its factored base year value as of the lien date and therefore a decline in value is appropriate.
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Authorizing this correction of the property tax roll will contribute to the Shared Vision 2025 outcome of Collaborative Community by demonstrating fiscal accountability.
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FISCAL IMPACT:
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A refund of $56,344.32 for 2010 will be due as a result of this roll correction.
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