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<br />the property owners have the right to appeal by September 15, 2000. Appeals, if any, will
<br />be publicly heard by the City Council on December 11, 2000.
<br />
<br />Appeals are filed on a prescribed form available from the Finance Department and City
<br />Clerk's Office. The appellant must include evidence in support of his/her appeal for an
<br />adjustment of the values. No fee is charged unless the appellant requests a copy of the
<br />transcript of the Appeal Board's proceeding's. A $10 fee is collected at the time the appeal
<br />is filed if a transcript is requested.
<br />
<br />Appeals are investigated to determine the proper assessed values and, if appropriate, the
<br />initial assessed values will be adjusted. The Board of Equalization (City Council) will hear
<br />appeals on December 11. If any appeals are upheld, the County will then be notified to
<br />adjust the tax bills. last year, six property owners filed appeals; one appeal was withdrawn
<br />and five were resolved by compromise as approved by the Board.
<br />
<br />After the roll has been accepted, the Board, sitting as the City Council, will establish the
<br />tax rate to generate sufficient funds to meet current debt service. Since the debt service
<br />amount remains almost constant during the life of the bonds and the value of the properties
<br />increase or decrease due to a combination of several factors (inflation, new construction,
<br />and economic conditions), the tax rate is adjusted to compensate for these changes. The
<br />total appraised value of real property in General Improvement District 1-64 increased in the
<br />current fiscal year by 20.4%; much of the increase is attributable to new construction. As
<br />new development occurs, the individual property owner's share of the cost of debt service
<br />decreases and the tax rate declines.
<br />
<br />It has been the City's practice to engage a private appraiser to perform this appraisal. Mr.
<br />Charles B. Warren, ASA, was engaged to determine the assessments based on market
<br />values as of January 1, 2000. Market Value is defined as the most probable price which
<br />a property should bring in a competitive and open market under all conditions requisite to
<br />fair sale, with the buyer and seller each acting prudently and knowledgeably, and assumes
<br />that the price is not affected by special financing or sales concessions.
<br />
<br />The assessed value as determined by the City Council (sitting as the Board of
<br />Equalization) is used only for the district's property taxes and has no bearing whatsoever
<br />on the general property taxes collected by the County of San Mateo Tax Collector.
<br />
<br />GID 1-64 is composed of commercial, industrial, multi-family residential, single family and
<br />condominium residential land uses, and land which may be developable and which may
<br />be served by off-site improvements.
<br />
<br /> Assessed values compared to prior fiscal years
<br />
<br /> 1997 -98 1998-99 1999-00 2000-01 Decrllncr
<br />land $206,473,202 $286,217,933 $337,900,727 $454,239,270 34.4 %
<br />Improvement 304,945,957 373,782,554 436,085,189 479,383,750 9.9%
<br />Total $511,419,159 $660,000,487 $773,985,916 $933,623,020 20.4%
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