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, an error occurred in allocating the total value of property between three separate parcels that operate as a single economic unit. When the correction to the tax roll involves a refund, correction or cancellation of taxes in excess of $50,000, Board of Supervisor’s approval of that correction is required.
|
The requested correction arises as a result of a clerical error in allocating the purchase price of $152,000,000 among three parcels that operate as a single economic unit. The property changed ownership in August of 2008 and the wrong amount was allocated to APN 040-010-150.
Original Allocation
Corrected Allocation
APN 040-010-140
$ 7,000,000
$ 28,690,000
APN 040-010-150
$110,000,000
$ 88,310,000
APN 040-010-170
$ 35,000,000
$ 35,000,000
TOTAL
$152,000,000
$152,000,000
A roll correction and refund to the taxpayer un connection with the subject parcel is warranted as the assessment to the subject parcel was in excess of the value of that parcel. The taxable value of parcel no. 040-010-140 is not at issue here and is being adjusted and assessed as appropriate for the circumstances associated with that parcel. The proper allocation and change to base year value of the subject parcel will carry forward to the 2007, 2008 and 2009 tax years requiring correction of the annual roll.
|
Refunds of $59,007.65 for correction of the 2006 base year value, $235,271.43 for correction of the 2007 annual roll, and $256,751.77 for correction of the 2008 annual roll will be due as a result of these roll corrections.
|
