California Municipal Treasurers Association April 17, 2013
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Transcript of California Municipal Treasurers Association April 17, 2013
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California Municipal Treasurers Association
April 17, 2013
Paul Cowdery
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Why ParcelQuest?
Over 30 Years of Experience
Unique “Public / Private” Partnership
Reciprocal County Relationships
We Speak “County Property Data”
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Typical City Budget
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Property Tax Revenue
Property Tax Estimates Used to be SIMPLE
2% Plus Turnover & New Development
What Happened?
To understand the present…
We must look to the past
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Proposition 13 passed
The EVENT DRIVEN tax assessment era began.
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Bought 1988Tax: $2,710
Bought 1994Tax: $3,300 Bought
2005Tax: $7,100
Bought 1971Tax: $970
Typical Neighborhood in 2005
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Following the crash…
The game is completely different!
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It is not just about ForeclosuresRelative to Assessed Value … It’s Complicated!
Foreclosures Reset to new Prop-13 base year values
Prop-8s do one of three… and two are bad!1.They can return to factored base year2.They can go lower3.They can stay flat and eventually turnover
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Example: City of Long Beach
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6%
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Its no longer just about “The Appeals”
Commercial Appeals used to be “at-risk AV”Now… Everyone wants an appeal
-Tax Consultants assist Commercial property owners by presenting “comps” to Assessor
-The assessor uses a computer (CAMA System) to automatically calculate Residential Prop-8 values
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Prop-8 Paradigm has the Same QuestionsBut New Answers
Do you have trend data for my City…?
Are there specific metrics I can follow…?
What will my assessed value be this year…?
If the Roll Closed Today …?
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Example of I-TRaC ReportIf The Roll Closed today…
?
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In the new Assessment Paradigm…
… The game has changed
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Bought 2009REO SaleTax: $3,710
Bought 2015Tax: $6,000 Bought
2005Tax: $7,600
Bought 2010Short SaleTax: $3,500
Typical Neighborhood in 2020
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Thank you
Paul Cowdery