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<br />Vaíuatioll & Consultation
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<br />E xlúb.{;t II A II
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<br />SCHEDULE A: REDWOOD SHORES, Scope of work, 2ì July, 1998
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<br />The scope of work proposed is to provide a re-assessment to market value of the pl'ùperty generally kno""'n êìS
<br />Redwood Shores, (lnd consisting of roughly 4,350 parcels of re(ll property.
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<br />The v"ark \-vill intend to comply with the Uniform Standard of Professional Appraisal Pr<1ctice. and any" addition;,
<br />st,lnd.uds of the California State Board of Equalization.
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<br />Tht' date of value will be 1 January, 1999.
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<br />in general this assignment can be broken down into phases.
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<br />Phase I: New construction - This phase, to commence on or (lbout 1 December, 1998, intends
<br />to identity and quantity any changes to the properties assessed since lien date 1998. This includes identiiying
<br />nf'W houses, condominiums, ofiice buildings and other structures. it also includes identifying and qui1ntiiying
<br />,1nv aiterðtlons to existing structures which are material to their market value.
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<br />Phase II: Residenti.ìl valuation. This is the most time consuming analy~is task in the assignment.
<br />TI\<> s< ("IPt~ includes identifyi ng property sold withi n the last year and applyi ng statistic;\! techniques. SUe h "s
<br />nHdtiplt. rt'grt'SSIOll 'H1alysis, to extract the important filctors contributing to their value. The resulting models
<br />wi'l be ,"pplldl to tlw v.uious neighborhoods and developments in the district. In the process, a s(\mple of the
<br />sold properties must necessarily be inspected to confirm the validity of the models and the trends which they
<br />in! orporate.
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<br />Phase III: Valuation of commercial, multiple family residential. hotel, 1.1nd. and property of other
<br />[I.:",. Portions of this phase. principally data colection run concurrently with Ph,1ses I and 11. ThE' objectivl' of
<br />:~;¡. phí"ìse is to arrive at values for the properties within the district \vhich are not indìvidli;¡! residenti,1! p;¡rce!:;.
<br />i II ',( ,me Cl\~es st;\tisticill valuation methods are useful, but in general the valu,1tion of these p(Qperty types is Ilìore
<br />i,d'¡!r intensive.
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<br />Phase IV: Assembly of the assessment roll. Next to the residentil\ revaluation, this is probably
<br />tl1<' most time consuming portion of the assignment. translating the analytic findings into consistent individu,,1
<br />v,lilles posted to the roll. The assessment roll is the final product of the assignment and will be delivered in both
<br />h,m1 copy, with explanatory tf'X!, and in ASCII format for the use of dé\té\ processing in crei\ting boncJ pi1yrnent
<br />bilis. :Jelivery of this product is to be on or before 15 June, 1999.
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<br />Phase V: Assessment appeals - This task is not included in the fixed portion oÎ this bid.
<br />Necessarily, whenever propert}' is reassessed, there will be some taxpayers who are unhappy. Their recourse
<br />IS to appeal. Defense of appeals requires the preparation of individual appraisals which are more time
<br />cû¡iSuming per property than mass appraisal. and time is needed to negotiate with the property OWiìêí5.
<br />Dt'pending on appeal volume, time and cost will vary. Ten days are allocated to this function. but less hi\ve been
<br />rwpded in the last two years.
<br />Defense of assessment appeals is an advisable deterrent to frivolous or self-serving appeals. The
<br />,1ppellant's calculus must include the probability of victory, and the cost of that victory. The appeliant should
<br />,1i:,,) SP!è the likelihood that any unrealistic valuation that might result in the process .vill simply be reversed the
<br />fa: :o'v\ing year. requiring repitition of an uncertain and costly process. If appellants see that the system will de,,!
<br />witl, real problems, but defend and win cases which are without merit. such cases are less likely to be ¡'¡ed.
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<br />Charles B. Wil rre 11 , As:4
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<br />URBAN REAL PROPERTY
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