AgdaPkt 2003-09-08 - Laserfiche WebLink

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9.A -43 YEWA;]pttid►t� � D N`►1.. a:f &I o; I San Mateo County calculates tax increment to the Project Area by applying the current year tax rate to secured incremental taxable values and the prior year tax rate to unsecured incremental taxable values. The County also allocates unitary revenue to the Project Area The allocation of unitary revenue is based on a formula under which revenues are adjusted by the actual growth or decline in unitary revenues on a countywide basis. Tax increment generated from the tax roll is allocated to the Agency by the County based on 100 percent of the unsecured and secured levy. The method is often referred to as the Teeter Plan, however the application by the County to the Agency of 100% of the tax increment is pursuant to an agreement between the County and the Agency rather that application of the Teeter Plan. Under the arrangement, the Agency is effectively shielded from the impact of delinquent property taxes. The County does adjust tax increment payments for roll corrections, such as refunds of property taxes due to successfully appealed assessments. Assessment Appeals Pursuant to California law, property owners may apply for a reduction of their property tax assessment by filing a written application, in form prescribed by the State Board of Equalization, with the appropriate county board of equalization or assessment appeals board. After the applicant and the assessor have presented their arguments, the appeals board makes a final decision on the proper assessed value. The appeals board may rule in the assessor's favor, in the applicant's favor, or the Board may set their own opinion of the proper assessed value, which may be more or less than either the assessor's opinion or the applicant's opinion. Any reduction in the assessment ultimately granted applies to the year for which the application is made and may also affect the values in subsequent years. Refunds for taxpayer overpayment of property taxes may include refunds for overpayment of taxes in years after that which was appealed. Current year values may also be adjusted as a result of a successful appeal of prior year values. Any taxpayer payment of property taxes that is based on a value that is subsequently adjusted downward will require a refund for overpayment. Appeals for reduction in the "base year" value of an assessment, if successful, reduce the assessment for the year in which the appeal is taken and prospectively thereafter. The base year is determined by the completion date of new construction or the date of change of ownership. Any base year appeal must be made within four years of the change of ownership or new construction date. Appeals may also be filed under Section 51 of the Revenue and Taxation Code, which requires that for each lien date the value of real property shall be the lesser of its base year value annually adjusted by the inflation factor pursuant to Article )OHA of the State Constitution or its full cash value, taking into account reductions in value due to damage, destruction, depreciation, obsolescence, removal of property or other factors causing a decline in value. Significant reductions have taken place in some counties due to declining real estate values. Reductions made under this code section may be initiated by the County Assessor or requested by the property owner. After a roll reduction is granted under this section, the -25-