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A break in arena property taxes this year for the Maloofs

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If you think your property tax bill is high in Sacramento County, take a look at the amount paid out each year by Maloof Sports & Entertainment for Power Balance Pavillion (formerly Arco Arena). More than just the numbers, what do you make up such a steep decline in property taxes over the past year? How does that impact the City of Sacramento?

There are actually five separate parcels for the arena in Natomas, but the above graph only considers 1 Sports Pkwy since it is the largest and most heavily taxed parcel (it’s the parcel that includes the arena). The other four parcels really only added up to just over $430,000 in assessed value for 2010, which is about $6,500 in property taxes.

Breakdown of assessed value and property taxes for 1 Sports Parkway
2011 assessed value: $29,129,000 ($450,000 in property taxes – estimate)
2010 assessed value: $56,534,445 ($881,208 in property taxes)
2009 assessed value: $58,844,792 ($904,003 in property taxes)
2008 assessed value: $59,595,796 ($940,690.94 in property taxes)

It might seem surprising to see such a low assessed value for an entire arena, but keep in mind the original stadium was constructed for about $40 million in 1987 (Wikipedia states today’s costs would be $74.3 million).

What do you think of the numbers above? How much of a role does the arena play in the health of our local economy?

FYI: Property taxes for 2011 were posted yesterday by the Sacramento County Assessor. I strongly recommend all property owners to look over their assessed value closely (click this link) to make sure you are paying your fair share of taxes – and no more. 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.

UPDATED POST: If you’re visiting from the Forbes article that mentioned this post, you can also see an updated version of this post here for 2012.

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.

Two reasons to be careful of those “lower your property taxes” mailers

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Have you received one of those mailers from a company promising to reduce your property taxes? I’m not saying at all there is some sort of ethical problem with these companies, but home owners in the Sacramento Region would be very wise to not hire companies like this to dispute their property taxes in the early part of the year. I made a brief video PSA to explain why (or watch HERE).

 

I know a video like this sounds really self-serving at face value, but it’s not, and here is my logic why. In the first quarter of the year when these mailers typically get sent out, the Assessor’s Office has not yet published their yearly assessed values. In my mind, why pay someone to reduce your property taxes before you know if the Assessor is going to automatically reduce them? The Assessor is supposed to adjust assessed values up or down depending on what the real estate market has done in the previous year. Secondly, the formal time period to disupte taxes in most counties surrounding Sacramento is July through November (or September for Placer County) – not the first quarter of the year.

What do you think?

If you have any questions about the tax appeal process or you’d like to sign up on my property tax email list to let you know about important tax appeal dates and deadlines for the Greater Sacramento Region, comment below, send me an email, fill out this form on my tax appeal website, or call 916.595.3735.

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