CC MIN 1978 - Laserfiche WebLink

Browse Search

� �, � � ` _ , most homeowners would be penalized by increased taxes Mr. Stango stated, however, that he disagrees with the thtrd point in Mr. Ference's report. Gregor Strom, appraiser from Marshall & Stevens, advised that this year each piece of property was reappraised and that differences may exist because, in the past, it was generally considered home values increased about 20% per year recently and appratsals were simply "indexed" ' accordingly. In response to the suggestion that since the amount of debt service remains the same, if assessments increase, it would appear that there is a shift to homeowners for a larger portion of the district tax. Mr. Strom stated that resident7al property is appreciating much faster than raw land which accounts for most of the difference Also, �he noted, that some properties wh�ch are outside the levees and sub�ect to tidal action were valued much too high and were reduced, being un- � likely to be developed in the foreseeable future. Director of Finance Ference described the basis for determining the fair market value wh�ch he is required to do as District Assessor. He advised that for he uses market information such as sales of similar properties, etc., not7ng he cannot �gnore the fact that the value of residential property has increased greatly in recent years while the value of raw or industrial land has risen much more slowly, therefore, a greater proportton of the District tax must be sh5fted to resident�al property. Mr. Ference po�nted out that the same is true everywhere else in California also. Discussian followed and Mr Ference and Mr. Stango commented and replied to questions regarding specific properties. Vic Wandmayer, resident of GID No 1-64 in the real estate business, described his experience with values of commercial and industrial ' properties, suggesting they have begun to increase lately. Don Warren, Mob�l Oil Estates (Redwood) Limited, acknowledged that it is true that property developed for commercial use has increased in value, but that in order to make raw land saleable for development considerable expense is required and, therefore, such land has much less value. He noted that any raw land wh�ch has been improved for development since 61arch 1, 1978 would not be included vn the rolls until next year He observed that when the commercial lands are devetoped they will bear a larger part of the District tax, stating that the key to lowering the homeowner's taxes is development of the coimnercial land Discussion follo�aed and Mr. warren commen�ea anu repiieu r.o yuesL�ons concerning details relating to certain parcels and suggestion was made that �t would be desirable to know the effect on the value of property of zo��ing changes whether or not any �inprovements are made to the land • Ron MacQuarrie, 553 Keelson Circle, stated that there are inconsistencies with regard to valuation and cited several examples Mr Strom and Mr Ference replied regarding the examples cited and discussed difficulties of Marine World and their appeals of assessments in past years. Discussion continued and Mr. Strom and Mr. Ference commented and replied to questions regarding appraisal procedures for the current roll, the � possibility of reviewing the valuation p1aced on useable parcels, whether the value of the number of new homes expected to be on the rolls next March could be reported now as information, whether any drop in tax next year can be anticipated as a result of that development, and whether any significant drop in homeowner taxes must await commercial development in Redwood Shores -2- Qd/Equal 8/21/78