Our client engaged us to appeal his new assessed value of a tow yard and Mobile Home Park in the city of Oceanside. The County Assessor originally assessed the value at $45 a foot for a total value of $4,835,000. This property had been in the family since the 1960’s. Our team did our valuation based on the Revenue Taxation code that includes a government restriction, in this case rent control for the Mobile Home Park. The Assessor did not consider this.
We presented our case in front of the San Diego County assessment appeals board making a case that the R&T code for rent control properties must be considered. We also hired a mobile home park specialist as an expert witness. We did multiple weeks of research and prep anticipating that the Assessors Office defense. The Assessor stated that residential-zoned land was worth less than hotel-zoned land in the 2010 market. When asked for supportive data, none could be presented. We supplied research that contradicted the Assessor’s unsupported statements. We also presented research that showed the land value was the same or less than in 2004. After careful deliberation, the board ruled on a value much lower than the original assessed value. The board ruled on a value from $4,835,000 to a new value of $2,134,400, less than half of the original assessed value. The total saving was $90,000!