TO: Board of Supervisors
FROM: Tracy Schulze - Auditor-Controller
REPORT BY: Christy Redford - Property Tax Specialist
SUBJECT: Authorization for the Auditor-Controller to process an Assessor Division assessment roll reduction in excess of $10,000,000 limit permitted under Resolution No. 2013-137 (Revenue and Taxation Code Section 4831 et seq.)
RECOMMENDATION
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Auditor-Controller requests authorization to process an Assessor Division reduction in assessed value in excess of the $10,000,000 limit set forth in Resolution No. 2013-137 pursuant to Revenue and Taxation Code Section 4831 et seq. for Assessor Parcel Number (APN) 800-056-154 tax year 2016 in the amount of $12,618,080 for fixtures and personal property.
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EXECUTIVE SUMMARY
Resolution No. 2013-137 authorizes the Auditor-Controller to perform, on behalf of the Board of Supervisors, corrections to the local assessment roll as set forth in Section 4831 et seq. of Revenue and Taxation Code, including corrections that decrease the amount the amount of unpaid taxes, where the amount of the correction does not exceed ten million ($10,000,000) in assessed valuation.
The County Assessor has submitted a roll correction to the Auditor-Controller for processing that exceeds the authorized limit. The roll correction for APN 800-056-154 tax year 2016 reduces the fixed and personal property roll values by $12,618,080.
FISCAL & STRATEGIC PLAN IMPACT
Is there a Fiscal Impact?
Yes
Is it currently budgeted?
No
Where is it budgeted?
With the reduction to the assessed value, there is a corresponding decrease in the amount of property tax revenue the County and all other AB8 entities receive through the property tax allocation process. Attached is the calculation showing the anticipated decrease for each taxing entity due to this reduction. The total reduction to the General Fund share is estimated at $22,335.
Is it Mandatory or Discretionary?
Mandatory
Is the general fund affected?
Yes
Future fiscal impact:
The...
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