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Does Stanford need or deserve a $37 million dollar property tax reduction?

From: domainremoved <Morris>
Date: Tue, 30 Sep 2014 09:39:53 -0700

City Council and Menlo Park citizens:

Does Stanford need or deserve a $37 million dollar property tax reduction?

It does not seem to be widely understood, but the 8.4 acres of land
along El Camino that Stanford owns and which is part of the Specific
Plan, were under 50 year long term leases to auto dealerships and
have never been reassessed since Prop 13 came into effect.

The net result is these properties have a very low assessed
valuation. The current assessed value for these properties is about
$260,000 per acre. The land at 1300 El Camino recently purchased by
Greenheart and thus reassessed, has a value of $7.5 million per acre.

 From these numbers is easy to do a comparison of the property taxes
generated by current valuation vs. the taxes if the properties were
reassessed to current value.

For the current year Stanford would have to pay about $610,000 more
in property taxes. Over a twenty year period, the total difference
would be about $15,000,000. Over a 40 year period, the difference
would be about $37,000,000.

Reassessment of parcels was certainly brought up during the Bohannon
Gateway project. It could be achieved by having proposed projects
subject to a development agreement, which would enforce a
reevaluation of the parcels.

The Specific Plan, developed with a consultant who at the same time
worked for Stanford does not contain such a mandate. It should have
been included.

This represents a large amount of lost property taxes that would help
fund the City and other districts, in particular the School
Districts. Yet where is the outcry that Stanford will be allowed
under the current plan to evade fair property taxes, yet enjoy the
huge up-zoning in density that the Specific Plan permits.

Morris Brown
Stone Pine Lane
Menlo Park
Received on Tue Sep 30 2014 - 09:35:39 PDT

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