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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: Longs Drug Store Inc. Trust APN 054-012-120
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RECOMMENDATION:
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Approve corrections to the 2008 base year values and the 2009 and 2010 annual secured property tax roll for property owned by Longs Drug Store Inc. Trust APN 054-012-120.
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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 corrected a change in ownership (CIO) as of 10/31/08 which was assessed for total property, pursuant to a legal entity transfer, when only a partial change in ownership occurred. The enrollment of the base year value for the CIO results in a further reduction of the assessed values for the 2008, 2009 and 2010 tax years. 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.
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DISCUSSION:
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The requested correction arises as a result of an error in recognizing a legal entity change in ownership transfer. The Assessor enrolled the CIO as a total property transfer as of 10/31/2008. Subsequently, the Assessor discovered that only 24% of the total property had changed ownership and was subject to reassessment. This correction will account for the partial assessment. Therefore, factoring forward the corrected base year value results in a reduction in assessed value for tax years 2009 and 2010.
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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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Refunds of $59,365.00 for 2008 partial base year value change and $91,256.40 for 2009 and $17,646.84 for 2010 to Longs Drug Store Inc. Trust will be due as a result of these roll corrections.
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