COM 0768.001 2010-2012 - Laserfiche WebLink

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ONO: The property tax, it's based on the value of the land, I'm assuming. KRAUS: Yeah. ONO: So that with your development, would you say that her taxes are going to go up or down? KRAUS: I believe it would remain the same because she would still have a residential use; and the value is still going to be assessed, you know, according to the sales that are, have occurred in the area. ONO: So if I'm hearing you correctly the improvements on your property will not affect hers, is what you're saying? KRAUS: I'm not an appraiser but I do think that it would depend on whether it's the County appraiser looking at it for tax purposes versus a residential appraiser looking at it. But they probably wouldn't use it as a comparable because it is a commercial property, not a residential. MELROSE: I would also add that her property is currently taxed as unimproved residential rate, which is a high rate. She has no home on it. When she puts her home on it, when she makes the investment in that property and lives in it as she says she's intending to, the taxes will actually go down as a result of her homeowners exemption. So, I mean, it's hard just to answer that question in general. But it is still a blank piece of property today and it will be taxed as such, and then she has got some distance before she actually installs her home and, you know, settles into the property. KERN: Madam Director? LEITHEAD TODD: I was going to elaborate on that. Assuming that she paid $100,000 for her lot, her real property taxes on it right now because she has no exemptions would be approximately $1000 a year. It would be $9.95 per thousand. If she builds the house on it and spends $100,000 building a house, then she has land and a house worth $200,000. But she now qualifies for the homeowners rate, if she's an owner/occupant of$5.55 per thousand; and she also gets up to possibly $180,000 in exemptions. So she may end up, possibly depending on the value of the house, she could end up paying, and her age, paying as little as $100 a year in taxes versus the $1000 that she's currently paying. And I know this because the newspaper did an article on how much I pay in taxes and compared me to the renters next door and didn't look at the fact that I have a series people who have hit 70 in my neighborhood and qualify and they're all paying $100 a year even though they have nicer houses than I do. So her taxes, it's exactly like Mr. Melrose has stated. Once she builds her house, she is most likely going to be paying less than she currently pays on the vacant land. The area is in transition. There are a number of properties both on this street as well as the next street over that are gradually in the, changing over to either commercial uses where you have stores or office uses. Not far away from there is, on the corner is Tsukazaki, Menezes and Yeh. It's right next to the dialysis center. They didn't change the home at all, except the ADA ramps. But this is going to be a high demand area over time because of the proximity to the university. As the university grows there is going to be interest in this area. So her value will be driven more by what lots and houses around her sell for than anything that the Chamber does is next door to her. 7