AgdaPkt 2006-07-10 - Laserfiche WebLink

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7A When the hearing has been held and the City Council sitting as the Board of Equalization Page 2 has accepted the roll, the property owners have the right to appeal by September 15, 2006. Appeals, if any, will be publicly heard by the Board of Equalization (City Council) on December 4, 2006. Appeals are filed on a prescribed form available from the Finance Department and City Clerk's Office. The appellant must include evidence in support of his/her appeal for an adjustment of the values. No fee is charged unless the appellant requests a copy of the transcript of the Appeal Board's proceedings. A $1 0 fee is collected at the time the appeal is filed if a transcript is requested. Appeals are investigated to determine the proper assessed values and, if appropriate, the initial assessed values will be adjusted. The Board of Equalization (City Council) will hear appeals on December 4. If any appeals ar~ upheld, the County will then be notified to adjust the tax bills. Last year, there were no appeals filed. After the roll has been accepted, the Board, sitting as the City Council, will establish the tax rate to generate sufficient funds to meetcurreñt debt service. Since the debt service amount remains almost constant during the life of the bonds and the values of the properties increase or decrease due~ to a combination of several factors (inflation, new construction, and economic conditions), the tax rate is adjusted to compensate for these changes. The total appraised value of real property in General Improvement District 1-64 increased in the current fiscal year by 9.77% due to an increase of 7.06% in the market value of residential property and an increase of 16.20% in commerciaïproperty. It has been the City's practice to engage a private appraiser to perform this appraisal. Mr. Charles B. Warren, ASA, was engaged to determine the assessments based on market values as of January 1, 2006. Market Value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to fair sale, with the buyer and seller each acting prudently and knowledgeably, and assumes that the price is not affected by special financing or sales concessions. The assessed value as determined by the City Council (sitting as the Board of Equalization) is used only for the district's property taxes and has no bearing whatsoever on the aeneral property taxes collected by the County of San Mateo Tax Collector. GID 1-64 is composed of commercial, industrial, multi-family residential, single family and condominium residential land uses, and land which may be developable and which may be served by off-site improvements,