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Arco Arena

No break in property taxes for the Maloofs this year

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The Maloofs saved quite a bit in property taxes a year ago, but 2012 won’t bring the same fortune. Well, if your property taxes don’t go up, that’s still somewhat of a win, right? As you can see in the graph below, Power Balance Pavillion was assessed near $60 million from 2008-2010, but had a dramatic decrease in assessed value in 2011, which has resulted in an assessment for 2011-2012 at $29,129,000.

Property Taxes for Power Balance Pavillion 1 Sports Parkway Sacramento

There are technically 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 comprise a minimal addition to the overall tax picture.

Breakdown of assessed value for 1 Sports Parkway
2012 assessed value: $29,129,000
2011 assessed value: $29,129,000
2010 assessed value: $56,534,445
2009 assessed value: $58,844,792
2008 assessed value: $59,595,796

Cost of an Arena: $29 million might seem like a low 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 $78.6 million in 2012 dollars). For further reference, there was talk in recent months of building a new arena to replace the current one, and the projected cost was closer to $400 million.

What stands out to you about the figures above? What do you think it would’ve been like to have a new arena (the plan failed for anyone that didn’t know)?

FYI: Property taxes for 2012 were posted days ago by the Sacramento County Assessor. I 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. The value should be based on January 1, 2012 (NOT today). If you have any questions about the property 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 Sacramento area real estate appraisal or property tax appeal needs, contact me by phone 916-595-3735, email, Twitter, subscribe to posts by email or “like” my page on Facebook

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.
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