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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: Visa Land Development II LP 094-522-390 and Visa International Service Association Lessee APN 094-526-080
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RECOMMENDATION:
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Approve corrections to the 2008 base year value and 2009 and 2010 annual secured property tax roll for property owned by Visa Land Development II LP 094-522-390 and Visa International Service Association Lessee APN 094-526-080.
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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, on 1/6/11 the Assessor enrolled a change in ownership (CIO) for a multi-parcel transfer of a legal entity as of 10/1/07. The enrollment of the base year value for the CIO resulted 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 failing to recognize a legal entity change in ownership of a multi-parcel transfer in October of 2007. The change to the base year value resulted in an assessment that was lower than the factored base year values of the previous owner. Therefore, factoring forward the base year value results in a reduction in assessed value for tax years 2008, 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 $92,334.68 for 2008 and $91,984.29 for 2009 to Visa Land Development II LP and $157,826.23 for 2008 and $157,336.75 for 2009 to Visa Intl. Serv. Assn will be due as a result of this roll correction.
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