San Joaquin County Property Tax Reduction
This is a very unusual property and all but impossible to value using comparable sales. The property consists of about three and a half acres and a collection of hotel type buildings, duplexes, cottages, travel trailers and mobile homes. The enrolled value was over $1.2 million dollars. Our agent determined that a sales comparison approach would not work for this property and instead used an analysis of it’s income earning potential (income approach) as well as developing an opinion of the value of the underlying land and the depreciated contributory value of the structures (cost approach.) Our agent determined that a value of about $920,000 was more appropriate and submitted this information to the County Assessor. The assessor agreed with this value and has made a reduction to our client’s property value. This will result in a refund to our client of over $3,000 and reduced property taxes for the next year.