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December 9, 2002.
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<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 proceedings. 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 9. If any appeals are upheld, the County will then be notified to
<br /> adjust the tax bills. Last year, there were seven appeals filed. Of the seven appeals, six
<br /> were resolved by compromise as approved by the Board, and the seventh was reduced
<br /> by the amount recommended to the Board, as the property owner was not available at the
<br /> time of the Board meeting.
<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 decreased in
<br />the current fiscal year by 8.86% due to a general decline in the economy.
<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, 2002. 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 /> 1999-00 2000-01 2001-02 2002-03 Decr/Incr
<br />
<br />Land $337,900,727 $454,239,270 $605,586,412 $498,390,162 (17.70)%
<br />Improvement 436,085,189 479,383,750 525,304,000 532,357,750 1.34%
<br />Total $773,985,916 $933,623,020 $1,130,890,412 $1,030,747,912 (8.86)%
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