Following last Friday's article, , several Patch users submitted comments asking for some clarification of the amount property tax currently being paid by the property owners at 6-8 and 10 Davis Dr., the site of the
Belmont community development director, Carlos de Melo, forwarded a copy of the secure property tax statements paid to the City of San Mateo in 2011 by the owners of the Davis Drive property. (See PDFs that accompany this article). This information is public and is available on the county's website www.sanmateocountytaxcollector.org/.
The current net value of the combined properties is $14,901,932. The total amount of taxes paid by Thomson Learning, Inc. (Cengage), owners of 6-8 and 10 Davis Dr. to the county in 2011, was $183,467.56. (6-8 Davis Dr.: $37,976.72; 10 Davis Dr.: $145,490.84)
This amount includes special charges to parcel tax, San Mateo Junior College bond, and Sequoia Union High School District maintenance, Belmont Sewer Treatment Facility, and others. (For a breakdown of special charges, click on the PDF to the right.)
The is expected to vote on the revised put forth by Crystal Springs Uplands School at its July 19 meeting. The meeting will begin at 7 p.m. in the City Council Chambers of Belmont City Hall, One Twin Pines Lane.
For more information, go to www.belmont.gov.
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Mr.Bennan attached a better breakdown of the agencies benefiting from the $183K -you might want to attach that document. I assume that some portion of the tax bill will continue to be paid by CSUS - for example all of the sewer fees. It would be better if we knew what will continue to be paid. Over the weekend we were informed that Cengage had taken a $6 million write off on their Belmont real estate - documentedin their Annual Report. Book and Tax valuations are different but I wonder if the Tax Assessor is in the process of reducing the value of the properties - that should be a consideration.
Yeah, and after I back-of-the-envelope'd what approximate contribution these parcels' make to the Belmont / RWS Elementary District, I noticed that the County already provided this agency-level break-out detail in an appendix of the Belmont staff report (duh). Hey, at least I was really close! See page 95 of 97. http://www.belmont.gov/Upload/Document/D240008348/5A-PC-06192012Attach1.pdf
Actually, taxes will be lower. The County assessed value is $14.9 million - that drives the $183K The company was carrying the assets at $15.1 million (Net Book Value), but last year they reduced that value by $6 million (look at their Annual Report). So at least at the time of Cengage's last fiscal year end the value was $9.1 million and that value was based on independent appraisals (market rates).