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Prop 8

Gavin Maloof sold his house in Natomas

September 16, 2013 By Ryan Lundquist 3 Comments

The Maloof family is still making headlines in Sacramento. I read in last week’s Sacramento Business Journal that Gavin Maloof, one of the former owners of the Sacramento Kings, recently sold his property in the Westlake neighborhood of Natomas for $1,112,500. I wanted to give some further market context to the sale, which I thought would be interesting to locals.

Westlake Maloof House in Sacramento - by Sacramento Appraisal Blog

Measuring by Pro Sports Standards: The Maloof property is definitely on the larger side. It comes in at 5203 square feet according to public records, which is a bit larger than an NBA basketball court at 4700 square feet (94′ x 50′). Technically if this home was measured in basketball courts it would be 1.10 courts. By the way, it sounds better to use basketball court figures for measurement since this house would be 110% of a basketball court, but only 9% of an NFL field or 64% of an MLB baseball diamond.

Westlake Natomas Sales History - by Sacramento Appraisal Blog

Neighborhood Market Trends: As you can see, the Maloof property sold quite a bit above others in the neighborhood. However, there are definitely a few things to keep in mind. First of all, this graph only includes properties that sold on MLS, which means private transactions and sales directly from the builder are excluded. For instance, the Maloof home was purchased originally in 2002 directly from JTS for $1,008,000. Obviously it was one of the premium homes at the time since it sold far above others. Secondly, property values are easily somewhere in the 2002 range right now in this neighborhood and in most areas of Sacramento (sometimes we see 2003 levels, but most areas are still hovering somewhere around 2002 levels). I am not saying this house sold at market value for its most recent sale, but only that buyers have been willing to pay 2002-ish levels for many houses in Sacramento. Ultimately I’m not terribly surprised to see a higher sale for a custom home in The Shores at Westlake.

In case you are not aware, the Westlake neighborhood is located literally 2.5 miles from the arena. There are definitely multi-million dollar properties in the surrounding Sacramento area, where some of the other Kings players live (and I imagine a Maloof could have afforded), but nothing in a gated community as close to the arena as this neighborhood.

Property Tax History for Gavin Maloof Sacramento Home - by Sacramento Appraisal Blog

Property Taxes for the Maloof Home: What do you notice about the property tax history for the Maloof home in Natomas? Interestingly enough, it looks like property taxes saw an increase through 2008 despite the market showing a clear decline – especially from 2006 to 2008. Also, you may have heard property taxes can only increase by 2% each year, so why were there increases far above that level on this house? Here is how it works. The Assessor can only inflate taxes by basically 2% each year under normal circumstances, but for property owners who had previously received a reduction in assessed value under Proposition 8 (this is the tax Prop 8 – not the marriage Prop 8), their property taxes can be raised any amount each year so long as it is not increased above the original “base-year value” (also called the “Prop 13 value” – which is usually the original purchase price from years ago). Does that make sense?

By the way, these figures are all a matter of public record. Check out Zillow to get the past 9 years of taxation or the Assessor’s website for the past 2 years. If it’s relevant, you can read more here about how property taxes work in Sacramento.

I hope this was as interesting. Any questions, thoughts or insight?

Question: Would you pay a premium to own a house previously owned by a celebrity?

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Filed Under: Market Trends, Random Stuff Tagged With: Gavin Maloof, Home Appraiser, House Appraiser, house of NBA owner, Maloof home sells in Natomas, Maloof property taxes, Natomas luxury property, Prop 13, Prop 8, Property Taxes, property taxes in Sacramento, Proposition 13, Proposition 8, Sacramento Kings, Westlake Neighborhood, Westlake Neighborhood in Natomas, Zillow

Property tax appeal tips & deadlines

August 12, 2011 By Ryan Lundquist Leave a Comment

I wanted to give you some tips and important dates for appealing your property taxes if you are considering doing that in a county surrounding Sacramento.

  1. Value Date for 2011:  Your property tax assessment for 2011 should be based on January 1, 2011.
  2. The Assessor’s Word:  Check to see what the Assessor says your property is worth for 2011. It only makes sense to dispute your property taxes if there is a savings to be had (see links below). Every $10,000 of over-assessment equals about $125 out of your pocket.
  3. Deadlines:  Know the deadlines for your local county. In most counties surrounding Sacramento you can appeal your property taxes between July 2 to November 30, but Placer County has a deadline at September 15, 2011.
  4. Costs:  Many counties have a cost to file a formal appeal anywhere from $30-45, while some counties are still free. We often hear how there is no fee to contest property taxes, but that’s just not the case in many counties.
  5. The Right Application:  Make sure you fill out the “Application for Changed Assessment” form. The Assessor has a “Prop 8 Decline in Value Form” you can try first for free, but this form is NOT an appeal. If you do not file the proper form before the appeals deadline, you have not officially appealed your property taxes (and you cannot fill out the form after November 30). I speak with many home owners every year who failed to file the right form.
  6. Support Your Value:  Provide support for your opinion of value. Don’t lowball the Assessor or simply throw out a preferrable number for your property taxes. Show evidence for what your property was worth on January 1 of the given year. Do not use current comps, but rather sales from January 1 to March 31 if possible. If you need help doing this, please contact me since I run a property tax appeal company and I can give solid support for your property’s value at a very reasonable cost (usually around $100). I find most cases do not warrant a full appraisal, but rather a mini-report.

Check your assessed value for 2011 by clicking on the following links. You may need to enter your APN (assessor parcel number), and you should be able to quickly retrieve that on the Assessor’s website. If not, call me and I’ll get it for you.

  • Sacramento County Assessor’s Website
  • Placer County Assessor’s Website
  • Yolo County Assessor’s Website
  • El Dorado County Assessor’s Website
  • San Joaquin County Assessor’s Website
  • Solano County Assessor’s Website

I hope this was helpful to begin to lay a general framework for important property tax details. If you have any questions about the tax appeal process or would like my tax appeal company to look up your property for free, please click here.

If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook or subscribe to posts by email.

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Filed Under: Property Taxes, Resources Tagged With: Application for Changed Assessment, appraisal company property taxes, dispute property taxes in Sacramento County, El Dorado County Property Taxes, how to lower property taxes, how to reduce property taxes, Lundquist Appraisal Company, Placer County Property Taxes, Prop 8, property tax consultant company, property taxes in Sacramento County, Sacramento Tax Appeals, San Joaquin County Property Taxes, Solano County Property Taxes, tax grievance, tips for appealing property taxes, Yolo County Property Taxes

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First off, thank you for being here. Now let's get into the fine print. The material and information contained on this website is the copyrighted property of Ryan Lundquist and Lundquist Appraisal Company. Content on this website may not be reproduced or republished without prior written permission from Ryan Lundquist.

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The information on this website is meant entirely for educational purposes and is not intended in any way to support an opinion of value for your appraisal needs or any sort of value conclusion for a loan, litigation, tax appeal or any other potential real estate or non-real estate purpose. The material found on this website is meant for casual reading only and is not intended for use in a court of law or any other legal use. Ryan will not appear in court in any capacity based on any information posted here. For more detailed market analysis to be used for an appraisal report or any appraisal-related purpose or valuation consulting, please contact Ryan at 916-595-3735 for more information.

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