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<br />Application for Assessment Adjustment (continued) <br /> <br />b. <br /> <br />Heron Court Cooper at i ve <br />by Emmet Hess i on <br />Parce 1 No. 095 -321-040 <br /> <br />Finance Director Ramchandani advised that the appeal was filed on <br />September 11, 1985 on the following basis: <br /> <br />1) Heron Court has use restriction value as it cannot be sold in the <br />open market and therefore full cash value assessment is not fair. <br /> <br />2) State law has provided exemption from property tax to 25 units for <br />el der 1 y and h andi ca pped. <br /> <br />3) There should not be any annual adjustment for inflation to the base <br />value as the adjustment only applies to full cash value. <br /> <br />Finance Director Ramchandani noted that the apprai sers val ued all <br />properties without regard to any restrictions or exemptions and based <br />the assessments on the fair market value; that staff bel ieves that the <br />use restrictions on the properties reduce the valuations of the property <br />by about 50% and recommends that such discount be given. <br /> <br />In answer to question, City Attorney Schricker advised that exemption <br />can be granted on the 25 units for the elderly and handicapped. He said <br />that with regard to the effect of the restrictions on the transfer- <br />ability of the property interest, it is legal to take that restriction <br />into consideration, and tœ amount is a matter for the discretion of the <br />assessor based on his informed judgment. <br /> <br />M/S: Stangel/ to grant the exemption on the 25 units in <br />accordance with tœ advice of the City Attorney. <br /> <br />Before giving testimony, the following people were sworn by the <br />Recordi ng Secret ar y: <br /> <br />Emmet Hession, 573 Lanyard Drive, Redwood City, representing Heron <br />Court Cooper at i ve <br /> <br />Francis W. Bland, 164 Lowell Street, Consultant for Heron Court <br />Cooper ati ve <br /> <br />Mr. Bland stated that he is a consultant on the Heron Court tax and <br />exemption matter, that he has done work with exemptions during his long <br />time associ ation with the Assessor's office, that he is famil iar with <br />the revenue and taxation code regarding its restrictive use of property. <br />He said that the \'A1rd "use" has been used in the way the building is <br />bei ng used, however, the issue is 1 and use. <br /> <br />MOTION WITHDRAW: <br /> <br />Coun cil man Stangel withdr ew hi s moti on . <br /> <br />Bd . Eq ua 1 . <br />6/1 /87 <br />Page 2 <br /> <br />MINUTE BOOK NO. 47 <br />Page No. 143 <br />