CITY OF FULLERTON
PROPERTY T
AX
MANAGEMENT AND
INFORMATION
SERVICES
September 12, 2022
September 12, 2022
Steven Avalos, Budget and Purchasing Manager
City of Fullerton
303 W. Commonwealth Avenue
Fullerton, CA 92832
Dear Mr Avalos,
Re: Property Tax Mana
gement, Audit and Information Services
Thank you for your interest in our Property Tax Services. In response, enclosed is our firm’s proposal to provide property ta x management, audit and information services for the City of Fullerton
Founded in 1992, HdL Coren & Cone (HdLCC) developed the first computer softwa re system in California for tracking property tax revenues for counties, cities, and special districts.
The company was the first in the state to go beyond using parcel data for allocation audits by developing specialized reports a nd models to assist government agencies by using the data for parcel administration, focused economic development strategies a nd revenue projections. The corporation is owned by its employees and the major stockholders that manage the firm. The staff consists of 13 highly qualified a nalysts, auditors and information systems technology professionals.
HdLCC currently provides ongoing services to over 260 California agencies. The company maintains annual property tax records for Orange County back to 1990.
HdLCC’s experienced team has worked with a number of key county staff and is thoroughly familiar with county property tax procedures in California.
Specific advantages that HdLCC possesses to perform the services being sought by the City of Fullerton include:
• HdL
CC maintains property tax data for 4 5 California counties, including all agencies in those counties. The size of the database plus a sophisticated computer system uniquely qualifies HdLCC to provide the most comprehensive property tax analysis avail able in California.
• Hd
LCC’s audit team has developed specialized databases and audit techniques and is thoroughly familiar with the County of Orange. This familiarity, and excellent working relationships with County departments, will allow Fullerton to recover all misallocated property tax revenue in a timely manner.
• H
dLCC’s service team is comprised of individuals with extensive experience in property tax assessment, administration, auditing, economic development and financial management. All the firms’ key personnel have worked in or with public agencies and thoroughly understand their challenges and needs. This ensures prompt and knowledgeable response to inquiries and provides for relevant and timely information. • Hd
LCC employs a staff of three full time information technology professionals with expertise in applications development, network design and maintenance, database management and technical support. These staff members continually work on developing and enhancing the firm’s technological capabilities. • All H
dLCC staff works from our centrally located headquarters in Brea , California. The decision to operate out of a single location allows the company to minimize overhead costs and thereby lower service fees, max imize coordination of client services, protect the company’s substantial databases and allows for immediate response to requests for information or assistance.
• H
dLCC will provide Fullerton staff with access to the firm’s web- based property tax software which affords city staff a user -friendly tool for parcel look-up and will display parcel ownership, valuation, sales and building/land characteristic information and links with the County GIS maps.
W
e look forward to reviewing this proposal with you in grea ter detail and demonstrating how our services and software products can benefit the City of Fullerton.
Sin
cerely,
P
aula Cone, President
[email protected]
1. HISTORY AND DESCRIPTION OF COMPANY EXPERIENCE
HdL Coren and Cone (HdLCC) provides property tax management services to over 230 California public agencies. The company consists of a team of seasoned professionals with decades of experience in every aspect of local government including finance, management, auditing, economic development, redevelopment and legislative advocacy.
This ensures prompt and knowledgeable response to inquiries and provides for relevant and timely information on issues impacting the City’s property tax. HdLCC’s specialized computer software, databases and highly trained staff have generated over $95,000,000 in new revenues for client agencies, $52.8 million since 2000.
HdLCC was founded in 1992 and developed California’s first computerized property tax management program. In addition, the firm provides clients with parcel tax administration and successor agency consulting. HdLCC is a California “S” Corporation which has been serving cities and special districts for 30 years. All HdLCC staff work from our centrally located headquarters in Brea, California. The decision to operate out of a single location allows the company to minimize overhead costs and thereby lower service fees, maximize coordination of client services, protect the company’s substantial databases and allows for immediate response to requests for information or assistance.
HdLCC maintains property tax data from 45 California counties, including all cities and successor agency project areas in those counties. Our data resources include 15-25 years of historical data in most counties and the company maintains more than twenty-five years of annual property tax records for Orange County. Our audit team has worked extensively with key County staff and is thoroughly familiar with county revenue processing processes in California.
2. SUMMARY OF PROFESSIONAL QUALIFICATIONS
Pr
operty taxes in California have evolved into an extremely complex system that requires experience and expertise to fully monitor. There are two broad categories of property (real and personal), three tax rolls (secured, unsecured and state assessed), and numerous peculiarities such as possessory interest and the distribution of tax revenue from private aircraft. The revenues generated by the property tax system need to be distributed to a myriad of taxing entities including cities, counties, schools, special districts and successor agencies. The company's extensive property tax information systems allow us to perform tax audits and provide information and analysis from a city's property tax data to city staff quickly and accurately.
HdL Coren & Cone is dedicated to helping cities, counties, successor agencies and special districts maximize revenues through allocation audits, financial and economic analysis and provision of related software products. Recognized as the industry leader, the firm has provided property tax audit and information services to several California’s largest cities including; Los Angeles, San Diego, Long Beach, Oakland, Stockton and Fresno.
The firm’s staff have performed thousands of secured and unsecured property tax audits for client agencies over the past twenty -five years and recovered millions of dollars in misallocated property tax revenue. Our management team and staff pride themselves on being highly responsive to client needs and cordial in our contacts with county staff. This philosophy has served our clients and the company well. This is evident by the fact that 83% of our property tax audit and information services clients have been using our services for more than 10 years and 50% of our clients have been under contract for more than 15 years.
Since 2000, HdLCC has recovered $52.8 million of property tax revenue for California cities and their former redevelopment agencies. This total includes recoveries from both the secured and unsecured tax rolls.
3. KEY STAFF
Paula Cone
Paula Cone is a principal with HdL Coren and Cone, the property tax arm of the HdL Companies, and has over twenty years of municipal experience in finance and city management and 30 years of property tax analysis, local agency interface and audit review experience. She joined the firm in 1990 to oversee the development of the property tax analysis, audit and software elements in use today. She developed the first cost-effective and accurate computer program for identifying, monitoring, auditing and corre cting property tax misallocations. Paula oversees the company's property tax management and auditing division which is also responsible for verifying and correcting jurisdictional and boundary errors. She and her team have identified errors which have resulted in a redistribution of net tax revenues of $ 52.6 million to client agencies since 2000. The property tax database is also used to verify jurisdictional and boundary errors for sales tax audit purposes.
Ms. Cone earned her Bachelor's degree from Ca lifornia State University at Long Beach.
She is former Parks and Recreation Director and Assistant City Manager for the City of Lawndale.
David Schey
David has 26 years of experience with HdLCC since joining the firm in 1994. His prior experience includes service as Planning Director, Community Development Director and Deputy Director of Redevelopment as well as having provided development and consulting services to municipal clients. As a principal with HdLCC, David has provided client services in connection with tax allocations bonds; property tax and tax increment issues; tax sharing calculation; and analysis of legislative actions. David has spoken at numerous conferences and seminars sponsored by the California Redevelopment Association and the League of California Cities.
In
addition to his professional work in connection with local government, David served for over six years as a member and chairman of both the Planning Commission and Parks and Recreation Commission. Education: Bachelor of Arts, University of California; Los Angeles, California; Bachelor of Arts, California State University; Long Beach, California; Master of Public Administration, University of Southern California; Los Angeles, California.
Nichole Cone
Nichole has 20 years property tax analytical and processing experience. She specializes in understanding the data received from Assessor & Auditor, used for secured and unsecured parcel audits and property tax analysis.
Nichole Cone joined HdLCC in 1992. She overs ees the acquisition and processing of county assessor and auditor controller data into HdLCC’s database. Preparation and production of property tax reports and client data sets are also under Ms. Cone’s direction.
She oversees the staff responsible for the HdLCC Comprehensive Annual Financial Report (CAFR) product and fields many of the general day to day client inquires. Ms. Cone was instrumental in our system redesign which closely mirrors the systems used by counties.
Education: Bachelor of Arts, Loyola Marymount University, Los Angeles, California.
Cheryl Murase
Cheryl Murase joined HdL Coren & Cone in 1997 after five years with O’Connor & Company Securities as a Vice President. Prior to that, Ms. Murase worked for a California municipal financial advising firm for five years in Senior Associate and Associate positions where she gained experience in structuring a wide variety of issues including tax allocation, certificates of participation, Marks-Roos and Mello -Roos issues. He r understanding of county assessments of property value and tax collections has aided in the projection of tax increment revenue. She has assisted clients with the various government reporting requirements, and has gathered information necessary for continued rating of debt.
Ms. Murase gained her municipal accounting background from working in a variety of capacities for the cities of Montebello and Commerce. She served as the Redevelopment Accountant for the City of Commerce.
Joel Hermann
Mr. Hermann is HdLCC’s IT Manager and in addition to supervising and directing our IT staff, he designs, implements, and maintains several of HdLCC’s data entry, processing and mining applications. He utilizes his extensive experience in preparation of City and Special District direct assessments to assist clients in determining and placing special assessments on the annual tax roll. Joel works closely with client City and Special District staff and provides technical support and training for our client applications. He is the lead in administration of HdLCC’s network and our web application products. Joel studied Computer Science at the University of California – Riverside.
4. SCOPE OF SERVICES
U
sing HdLCC's custom software, a data set of all parcels in the City will be established and be available via the internet through the HdLCC Web -Based Property Tax Program.
This data is prepared from the Orange County Lien Date Rolls that is purchased annually in July. HdLCC updates the original County roll with any transfers in ownership, which have occurred between the lien date and the current month and updates the ownership information (name and mailing address), date of transfer, sale price, and document (deed) number monthly.
A. Reports and Analytical Services
HdLCC furnishes a variety of reports detailing property and revenue trends for the entire City and for custom defined geographic areas. These reports can be used for budgeting purposes, planning, economic development and public information.
Among the reports provided are top 25, 50, 100-property owner/taxpayer listings, multiple ownership properties, non -owner occupied parcels, identification of property ownership transfers and completed construction projects for tracking of reassessments. We also provide the City with quarterly reports of successful, pending and historical assessment appeals.
HdL Coren and Cone will reconcile the annual Auditor/Controller Assessed Valuations Report and will furnish a breakdown of assessed values within the City and RDA.
The identification of escaping revenue through the use of property tax data sets has been a targeted focus for HdLCC during the past 27 years. With the reduction of tax revenues through legislated Educational Revenue Augmentation Fund (ERAF), cities, counties, agencies and special districts have been focusing on ways to increase the limited resources already stretched thin. The unsecured roll contains property owners which, when matched with a business license data set can be used to identify escaping reven ues. For instance, property leased to businesses in your jurisdiction is taxed to the lessor of the property. We find that frequently, the lessors are not properly registered with a city business license.
When notified and properly licensed, these businesses will generate additional revenue for the city.
The use of the secured roll will assist in identifying owners of rented residential, commercial, or industrial properties that do not have a business license with the City should one be required.
The company will provide the following reports based on the current year lien date rolls and will provide the reports annually, quarterly or monthly as appropriate:
Reports are also available from prior years if required. • A
five-year history of the values within the City, and custom (city defined) g
eographic areas;
• A listing of the largest value changes, positive and negative between tax years;
• An annual parcel listing of properties with parcel number changes between tax years identifying parcel splits and combines;
• A listing of the major property owners for the City including the combined assessed values of their property and property use code designation; • A listing of the major property tax payers, including an estimate of the property taxes to be allocated to the City/Agency;
• A listing of property transfers which occurred since the lien date ordered by month— sales listing;
• A listing of parcels that have not changed ownership since the enactment of Proposition 13;
• A comparison of property within the City by county use-code designation; • A multiple year comparison of growth by use code designation over a 5- year period;
• A listing by parcel of new construction activity to identify non- residential parcels with new construction activity and to provide reports for use in the City's preparation of Proposition 4 and 111 State Appropriation Limit calculations;
• A listing of multiple owned parcels;
• A listing of absentee owner parcels;
• Calculate an estimate of property tax revenue anticipated to be received for the fiscal year by the City based upon the initial information provided by the County and subject to modification. This estimate shall not be used to secure the indebtedness of the City.
• Analyses based on geo areas designated by the City to include assessed valuations and square footage computations for use in economic analysis and community development planning.
• One and five-year budget projections for the city general fund and special districts. This report is interactive for tax modeling.
B. Identification and Correction of Errors
HdLCC has the technology, methodology and trained staff to analyze all secured parcels within the City and Successor Agency to identify costly errors resulting in the misallocation of property taxes.
The company has the ability to audit the secured and unsecured property tax rolls two ways, first reviewing the entire county to find parcels miscoded to other jurisdictions; and second, reviewing the parcels within the city, county or agency to ensure that each is coded to the appropriat e taxing entity. To date, we have recovered in excess of $95 million in net revenue for our client agencies in 4 5 counties statewide. Our advanced technology, accuracy and track record have placed us in a unique position to be hired by cities to find additional revenues after audits have been performed by prior consultants. In addition, by filing audit results with the County Assessor in a timely manner, we can assure that the repetitive errors from previous years will not re-occur.
Upon approval of the contract, the company will perform an analysis of the Assessor Rolls to identify all parcels on both the secured and unsecured tax rolls and verify that parcel assessed valuations and the resulting taxes are correctly allocated to the City or its Successor Agency. This analysis is accomplished through the use of specialized computer software, assessor maps, city GIS maps, city records, other pertinent documents, and field investigations. The review will include the lien date secured and unsecured data for the current tax year as well as historical data back for a total of four (4) tax years.
The Orange County Assessor has always considered unsecured property addresses a confidential field of information and therefore does not include this data on the lien date database sold to outside purchasers. Addresses are a critical field of data required for auditing unsecured property as it is reported based on situs address. This makes performing reviews on the unsecured (business propert y) a challenge because if the County fails to indicate where the property is located as a field in their database, it is impossible to challenge its incorrect assignment. In recent years we have been able to augment the unsecured roll addresses supplied from outside sources to bring the percentage of unsecured records to 70%. Audits will only be able to be performed on unsecured assessments with situs addresses.
C. Information Provided Quarterly
• In counties where the Clerk or the Board or County Assessor provides property tax appeals available in an automated format, HdL Coren & Cone prepares reports including a listing of property tax appeals filed on properties in the city and former RDA project areas. These reports are prepared for both the City General Fund portion of the City and Successor Agency and include a histor y
o
f all appeals filed; the disposition of those appeals, successful appeals, pending appeals, Proposition 8 appeals and a report to assist the City/Successor Agency in determining the potential impact of pending appeals. • A listing of property transfers that have occurred since the last report will be available through the software provided and updated on a quarterly basis. This data will include the new owner/seller of the property, new mailing address if not the situs address, the date of sale, the sale price when verified, document number, and transaction type.
D. Property Tax Application and Database
H
dLCC provides a web-based software application to clients as a user-friendly tool to access the City’s property tax data. HdLCC provides updates to the data portion of the product on monthly basis to reflect changes in ownership, updated appeals filings, and deed recordings.
As modifications and enhancements are made to the program, clients receive the enhanced version of the software at no additional cost.
Training will be provided to city staff within the first two months after the execution of the agreement for property tax management and audit services and is available annually for new staff members or staff requiring a refresher course. If additional training sessions are required, the fees in the compensation section under hourly fees will be charged.
The help manual available within the program is easy to navigate and user friendly.
HdLCC staff is available Monday through Friday, 8 a.m. to 5 p.m. to answer questions and assist staff on the use of the software. Assistance is available either by phone or via email.
The City will be granted a site license for the application, providing no limit to the number of users. HdLCC will not charge an annual maintenance fee for the software program. Periodically, as the program changes and product enhancements are developed, upgrades or new releases of the software are issued at no additional cost to the client.
E. Successor Agency Services
Successor Agency Services including but not limited to:
• Annual tax increment projections and, as requested, cash flow analysis for the Successor Agency by Project Area
• Review of Redevelopment Obligation Payment Schedules (ROPS) as requested. • Provide property tax information to the Oversight Board at the direction of the Successor Agency
• Provide access to the Oversight Board to City and former redevelopment agency documents at the direction of the Successor Agency
• Monitor the County distribution of tax-sharing revenues to the taxing entities of the former redevelopment agency
• Advice and consultation on the City/Successor Agency’s preparation of required reports, such as revenue projections; review of Recognized Obligation Payment Schedules (ROPS), submittals to the Oversight Board and/or County or State agencies, and new or revised legislative requirements
• Analysis of legislative and judicial matters impacting Redevelopment Property Tax Trust Fund (RPTTF) revenues to the Successor Agency and to the City.
Optional Services
Optional services are available for a fixed fee. These services include:
• M ello- Roos Special Tax studies
• In dependent redevelopment and financial consultant reports such as escrow release reports and additional bond tests.
• P reparation of fiscal consulting reports for tax allocation bonds and other financings.
F. P roposed Work Plan/Staffing Schedule
T
he methodology that the company follows in identifying, correcting and recovering property tax errors includes the following:
Task I Establishment of County Data Set
Task II Identify and Correct Errors
Task III Prepare Reports
Task IV Ongoing Analysis
HdL Coren & Cone has ample staff to devote to the tasks required in this request for qualifications. Our knowledgeable staff will be assigned to ensure that the deadlines for deliverables are met and that requests placed by City staff are handled expeditiously.
Timeline for Property Tax Analysis and Audit Services:
• Co unty assessment rolls are purchased annually in July. • T he property data program will be available for access via the internet within 30 days of the execution of the agreement. Parcel data will be updated monthly to include the most current ownership information due to parcel transfers.
• The first secured audit will be performed and submitted to the Assessor no later than 60 days from the date of the contract. Future audits will be performed no less than once every two years and submitted no later than March 1
st.
• The unsecured audits for the City will be completed and submitted to the County A
ssessor for corrective action within 90 days of receipt of county rolls. The City will receive file copies of submittals simultaneous with submissions to the County Assessor.
• Data collection from the county assessor's and auditor controller's offices for r
eports is performed in August and September each year and preliminary reports will be delivered to the City prior to the end of December annually. • The final tax ratio percentages are available from the auditor controller's office an
nually in February/March. Final reports will be prepared and delivered prior to the end of April annually.
5. PROPOSED CONTRACT FEE FOR SERVICES
Based on the number of parcels within Fullerton (34,706), our standard fee for property tax services is $4,756.25 per quarter, ($ 19,025 year) plus 25% of net tax revenues recovered for the City in the audits performed over the period allowable by State statute (current year and 3 prior lien date years). Net t ax revenues mean the taxes received by the City through our audit efforts.
Work that is requested by the City and that is beyond the scope of services outlined in this proposal shall be charged on a time and material basis. No work shall be performed without prior written approval of the City. Fees for these services are as follows:
Partner $250 per hour
Principal $225 per hour
Programmer $200 per hour
Associate $175 per hour
Senior Analyst $125 per hour
Analyst $ 90 per hour
Administrative $ 70 per hour
Hourly rates are exclusive of expenses. Expenses, reasonable travel and lodging fees are billed at actual incurred costs.
6. REFERENCES
Waldo Barela, Budget Supervisor 714.647.5400
City of Santa Ana
20 Civic Center Plaza, Santa Ana, CA 92701
Property Tax management and information services provided since 2017.
Kevin Shirah, Director of Finance 949.461.3564
City of Lake Forest
100 Civic Center Drive, Lake Forest, CA 92630
Property tax management and information services provided since 2013.
Will Kolbow, Administrative Services Director 714.744.2235 City of Orange
300 E Chapman Avenue, Orange, CA 92866
Property tax management and information services provided since 1999.
PROPERTY TAX CLIENTS
August 2022
Agency Client Since Agency Client Since Agency Client Since Adelanto Jul‐04 Costa Mesa Jan‐19 Indio Jul‐92
Agoura Hills Jul‐09 Cotati May‐15 Industry Aug‐91
Alameda Jul‐09 Covina Oct‐93 Inglewood Feb‐92
Alhambra Oct‐91 Cudahy Jan‐95 Irvine Feb‐07
Aliso Viejo Jan‐08 Culver City Dec‐01 Irwindale May‐95
American Canyon Apr‐07 Cupertino Jun‐17 Jurupa Valley Aug‐14 AVEK Water Agency Jul‐16 Cypress Jan‐19 King City Oct‐97 Arcata Apr‐99 Dana Point May‐20 La Habra Mar‐98
Artesia Jun‐22 Danville Sep‐04 La Habra Heights Jul‐08
Atherton Apr‐12 Davis Oct‐21 La Mesa Apr‐18
Avalon May‐14 Desert Hot Springs Aug‐08 La Mirada Jul‐02 Azusa Mar‐93 Diamond Bar Oct‐15 La Palma Apr‐98
Baldwin Par
k Dec‐94 Dixon May‐13 La Puente Jul‐10
Banning Dec‐21 Downey Jun‐95 La Quinta Dec‐17
Barstow Oct‐91 Duarte Nov‐21 La Verne Jul‐91
Barstow Fire District Oct‐13 Dublin Apr‐95 Laguna Hills Apr‐19 Beaumont Jul‐97 Eastern Muni Water Dist. Oct‐21 Lake Elsinore Jun‐07 Bell Gardens Jul‐93 Eastvale Feb‐13 Lake Forest Jul‐13
Bellflower Apr‐95 El Cerrito Apr‐10 Lakewood Jul‐93
Belmont Nov‐16 El Monte Dec‐18 Lancaster Mar‐19
Benicia Feb‐93 El Segundo Aug‐97 Lathrop Mar‐16
Beverly Hills Oct‐13 Elk Grove Aug‐21 Lemon Grove Jul‐96 Big Bear Lake Mar‐07 Encinitas Mar‐97 Live Oak Feb‐11
Blythe Aug‐09 Eureka May‐99 Livermore Dec‐92
Brawley May‐22 Fairfield Dec‐94 Livingston Dec‐07
Brentwood Oct‐97 Fontana Mar‐95 Lompoc Dec‐18
Buellton Jul‐00 Fortuna May‐99 Long Beach Oct‐01
Buena Park Feb‐98 Fountain Valley Dec‐98 Los Alamitos Aug‐05 Burbank Aug‐92 Fremont Jan‐97 Los Altos Jul‐14
Burlingame Apr‐22 Galt Sep‐20 Los Altos Hills Jul‐04
Calabasas Jun‐94 Garden Grove Jun‐98 Manhattan Beach Dec‐96 Calexico Mar‐15 Glendale Oct‐93 Manteca May‐20
Calistoga Aug‐01 Glendora Nov‐95 Marina Apr‐22
Camarillo Apr‐08 Goleta Nov‐14 Martinez Feb‐09
Campbell Jul‐21 Gonzales Jul‐07 Marysville Apr‐15
Carson May‐92 Grand Terrace Oct‐17 Maywood May‐16
Cathedral City Nov‐97 Greenfield Aug‐08 Menifee Sep‐11
Chico Dec‐94 Guadalupe Apr‐22 Menlo Park Aug‐16
Chino Aug‐91 Hawaiian Gardens Jul‐06 Milpitas Mar‐19
Chino Hills Oct‐21 Hawthorne Jul‐17 Mission Viejo Nov‐95 Chino Valley IFD Apr‐09 Hayward May‐15 Mojave Water Dsitrict Sep‐11 Citrus Heights Apr‐97 Hemet Jan‐16 Monrovia Feb‐92
Claremont Nov‐95 Hercules Nov‐14 Montclair Aug‐91
Clayton Nov‐20 Hermosa Beach May‐99 Montebello Sep‐91
Coachella Valley Water Sep‐13 Holtville Nov‐11 Monterey Park Jan‐93 Coalinga Mar‐20 Hughson Jul‐22 Moorpark Jul‐95
Colton Feb‐00 Huntington Beach Dec‐91 Moreno Valley Jun‐02 Colusa Jun‐17 Huntington Par
k Dec‐91 Moulton Niguel Wate r Apr‐11
Commerce May‐94 Huron Jul‐09 Mountain View May‐95
Concord Mar‐09 Imperial Apr‐06 Napa Apr‐20
Coronado Sep‐15 Imperial Beach Jan‐04 National Cit
y Jul‐98
PROPERTY TAX CLIENTS
August 2022
Agency Client Since Agency Client Since Agency Client Since Newark Feb‐20 Riverside Apr‐19 Sierra Madre Jun‐06
Newport Beach Jan‐21 Rocklin Feb‐05 Signal Hill Dec‐95
Norco Nov‐94 Rolling Hills Estates Aug‐22 Simi Valley May‐07 Norwalk May‐96 Rosemead Jun‐07 Solana Beach Apr‐22
Oakland Mar‐94 Roseville Aug‐19 Soledad Oct‐06
Oceanside Aug‐08 Ross Aug‐13 Sonoma Mar‐19
Ontario Mar‐20 Sacramento Metro Fire Dec‐11 South El Monte May‐16 Orange Oct‐99 Salinas Apr‐22 South Gate Jan‐05
Oxnard Jan‐99 San Anselmo Apr‐18 South Pasadena Jul‐09
Pacifica Nov‐19 San Bernardino Oct‐10 Stockton Sep‐07
Palmdale Aug‐93 San Bruno Mar‐19 Suisun City Jul‐15
Palo Alto Mar‐20 San Carlos Jan‐93 Sunnyvale Mar‐96
Palos Verdes Estates Jul‐97 San Clemente Jul‐07 Taft Oct‐93 Paramount Aug‐91 San Diego May‐21 Temecula Mar‐92
Parlie
r Dec‐15 San Dimas Jun‐91 Temple City Feb‐92
Pasadena Dec‐16 San Fernando Apr‐95 Thousand Oaks Jan‐20 Paso Robles Aug‐01 San Gabriel Apr‐19 Torrance Jul‐19
Patterson Apr‐21 San Gorgonio Pass Wate
r Oct‐20 Tracy Jul‐17
Pico Rivera Apr‐94 San Jacinto Aug‐91 Tustin Sep‐10
Pinole Sep‐99 San Marcos Feb‐19 Union City Feb‐09
Pismo Beach Mar‐07 San Marino Jul‐22 Upland Jun‐91
Placentia Sep‐03 San Mateo Sep‐10 Vacaville Jul‐00
Pleasant Hill Jul‐08 San Pablo Jul‐09 Vallejo Jan‐01
Pleasanton May‐97 San Rafael Jan‐97 Ventura Aug‐22
Pomona Jan‐19 San Ramon Valley Fire Jan‐14 Vernon Jul‐98 Port Hueneme Mar‐18 Sand City Mar‐01 Vista May‐96
Rancho Cordova Jul‐16 Santa Ana Mar‐17 Watsonville Aug‐18 Rancho Cucamonga Dec‐00 Santa Clara Jun‐17 West Hollywood Oct‐91 Rancho Mirage Oct‐98 Santa Clarita Jan‐08 West Sacramento Feb‐19 Rancho Palos Verdes Mar‐16 Santa Cruz Oct‐19 Western Muni Water Dis t. Feb‐11 Rancho Santa Margarita Jun‐00 Santa Maria Feb‐00 Westminster Apr‐94 Red Bluff Aug‐07 Santa Monica Dec‐97 Whittier Feb‐93
Redlands Feb‐07 Santa Paula Jun‐07 Winters Jun‐19
Redondo Beach Jan‐92 Santee Feb‐05 Yorba Linda Jul‐95
Redwood City Jan‐21 Sausalito Aug‐19 Yuba City Feb‐98
Rialto Jun‐91 Seal Beach Aug‐99
Ridgecrest Dec‐17 Seaside Jan‐03
Agency Client Since
Limited Service
s
Beach Cities Health Apr‐13
Carlsbad Sep‐17
Escondido Aug‐96
Fullerton Jul‐10
Hesperia Jul‐14
Laguna Woods Feb‐15
Moraga Orinda Fire District Sep‐11
CITY OF FULLERTON
SAMPLE REPORTS
FOR 2016-17
Secured
Nonunitary
Unsecured
2012/13 TO 2016/17 ASSESSED VALUES
THE CITY OF FULLERTON
- 2012/13 - 2013/14 - 2014/15 - 2015/16 - 2016/17
$6,000,000,000 $12,000,000,000 City County
Percent Change
$3,000,000,000 $9,000,000,000$0
Land
$8,398,154,844 I
$8,761,575,733 4.8% 4.3% I
$9,673,694,447 9.2% 10.4% I
$10,208,905,619 7.7% 5.5% I
$10,797,937,178 6.6% 5.8% I
Improvements
$7,312,860,803 I
$7,448,783,935 2.5% 1.9% I
$7,664,343,631 2.3% 2.9% I
$8,005,626,525 4.0% 4.5% I
$8,211,067,548 3.8% 2.6% I
Personal Property
$792,141,448 I
$686,762,131 -5.1%-13.3% I
$724,609,694 7.2% 5.5% I
$728,428,578 0.6% 0.5% I
$746,441,148 3.2% 2.5% I
Exemptions
$977,369,601 I
$913,374,418 4.3%-6.5% I
$919,571,583 3.5% 0.7% I
$1,082,071,017 5.0% 17.7% I
$1,118,365,598 4.7% 3.4% I
CountyCity$20,000,000,000$10,000,000,000 $15,000,000,000$5,000,000,000 Gross Assessed
$16,503,157,095 I
$16,897,121,799 3.4% 2.4% I
$18,062,647,772 6.2% 6.9% I
$18,942,960,722 5.9% 4.9% I
$19,755,445,874 5.3% 4.3% I
Net Taxable Value
$14,970,826,004 I
$15,400,931,636 3.4% 2.9% I
$16,552,066,963 6.3% 7.5% I
$17,270,334,420 5.9% 4.3% I
$17,987,564,151 5.4% 4.2% I
This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & Cone
Prepared On 2/11/2020 By KR Data Source: Orange County Assessor 2012/13 To 2016/17 Combined Tax Rolls 2016/17 TOP 40 NET TAXABLE SECURED VALUE CHANGES
THE CITY OF FULLERTON
Current Net
Taxable Value
Net Taxable
Value ChangeUse Category Owner Situs Value Change from Prior YearParcel $27,550,0001925 Sunnycrest DrFullerton Sh LlcCommercial +247%028-651-41 +$19,610,180 $28,394,286130 W Santa Fe AveFullerton Luxury Rentals LlcResidential +188%032-243-21 +$18,546,095 $29,900,2163201 Yorba Linda BlvdMichel-Tribeca Ii LpResidential +60%339-161-06 +$11,218,089 $24,879,2011445 S Lemon StDri Maple Fullerton LlcResidential +78%073-081-15 +$10,879,201 $11,970,3002500 N Harbor BlvdPsip Wr Fullerton LlcIndustrial +274%296-201-01 +$8,772,286 $50,471,123601 S Acacia AvePrologis Uslv Newca 7 LlcIndustrial +18%033-230-48 +$7,721,123 $10,099,8721401 S Gilbert StReiss Steven W TrustResidential +197%071-471-21 +$6,694,170 $9,226,000101 N Harbor Blvd101 Harbor PropertiesCommercial +132%032-234-21 +$5,243,020 $20,150,000914 W Orangethorpe AveFullerton Holding LpCommercial +28%073-310-22 +$4,458,395 $19,038,830613 S Placentia AveM And H V Projects LlcCommercial +24%338-071-23 +$3,726,427 $12,183,0004141 Palm StIcon Owner Pool 3 West LlcIndustrial +42%296-203-12 +$3,633,412 $3,600,0003125 N LaurelWatt Community At Willow Ridge LlcCommercial +9,999%284-142-19 +$3,600,000 $9,785,994801 S Placentia AveOn South Placentia LlcIndustrial +51%338-071-15 +$3,285,994 $15,482,5621415 S Acacia Ave Unit AIcon Owner Pool 1 Inland Empire Oc Non-BusinessIndustrial +21%267-041-21 +$2,690,504 $23,970,3071365 S Harbor BlvdPhelps James Trust John Wilson Phelps TrustCommercial +12%073-052-11 +$2,543,595 $5,364,354301 W Bastanchury RdBastanchury Medical Group LlcCommercial +88%292-071-16 +$2,507,764 $18,533,669900 S Harbor BlvdCostco Wholesale CorporationCommercial +15%073-060-54 +$2,445,765 $6,728,5692300 Raymer AveWilpart One LlcIndustrial +53%030-492-06 +$2,334,049 $3,702,1103641 N Hermosa PlHyun Christopher Trust Hyun Family TrustResidential +139%292-051-14 +$2,155,794 $3,756,4251400 Peckham StPeckham Properties LlcResidential +119%071-471-65 +$2,038,754 $9,847,9254101 Bonita PlDean Timothy J Trust Dean Family TrustIndustrial +24%296-202-04 +$1,925,777 $1,850,0003401 N Harbor BlvdGnk Property LlcCommercial +9,999%292-021-15 +$1,850,000 $6,522,981320 N Harbor BlvdEvan And Mc LlcCommercial +34%033-012-21 +$1,660,945 $87,716,949535 N Commonwealth AveUniversity House Fullerton LlcResidential +2%338-112-19 +$1,651,716 $4,267,9233640 N Hermosa PlMohammady Imtiaz A Trust Living TrustResidential +59%292-431-07 +$1,582,650 $1,500,000117 N Pomona AveInchrist Community Church Valley ChapelCommercial +9,999%033-022-12 +$1,500,000 $3,170,000133 W Chapman AveKnj Joint Venture LlcCommercial +84%032-212-14 +$1,449,112 $75,985,789801 Morningside DrCorecare IiiResidential +2%285-281-01 +$1,395,199 $1,700,0001950 E Chapman Ave1950 Chapman LlcCommercial +425%269-091-04 +$1,376,231 $7,600,0002985 Brea BlvdYouk Chung Bak Trust The Youk Family TrustResidential +21%293-231-16 +$1,329,384 $9,244,2814200 Bonita PlFullerton Indl Invtrs LlcIndustrial -13%296-203-10 -$1,352,447 $01701 W Valencia DrGrace Korean Church At NorwalkCommercial -100%030-280-56 -$1,387,206 $28,985704 E Commonwealth AveTemple Aviv Judea IncCommercial -98%033-154-17 -$1,771,015 $2,485,2832800 N Harbor BlvdShg Resources LpCommercial -52%293-221-06 -$2,738,853 $0229 Amerige AveKlimpel Manor LimitedResidential -100%033-023-28 -$3,144,639 $3,512,085629 S Placentia AveM And H V Projects LlcVacant -55%338-071-22 -$4,367,190 $20,710,6932100 E Valencia DrMcp Socal Industrial - Fullerton LlcIndustrial -20%033-270-32 -$5,094,801 $11,750,0004150 Palm StIda Investments Portfolio-Palm Street LlcCommercial -34%296-151-04 -$6,012,028 $01111 N State College BlvdCsu Fullerton Auxiliary Services CorporationCommercial -100%283-291-01 -$18,699,145 $10,359,5151500 E Walnut AveOscar Mayer And Company IncIndustrial -67%033-221-08 -$21,359,765 This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & Cone Prepared On 2/11/2020 By KR Data Source: Orange County Assessor 2015/16 And 2016/17 Secured Tax Rolls 2016/17 USE CATEGORY SUMMARY
THE CITY OF FULLERTON
BASIC PROPERTY VALUE TABLE
Category Parcels Net Taxable ValueAssessed Value
$13,660,083,933 $13,559,772,333Residential (69.1%) (75.4%)31,144 $2,837,192,838 $1,858,760,455Commercial (14.4%) (10.3%)1,092 $1,595,749,990 $1,586,273,356Industrial (8.1%) (8.8%)522 $6,377,653 $6,377,653Agricultural (0.0%) (0.0%)21
$72,089,284 $71,254,756Vacant (0.4%) (0.4%)290
$649,516,125 $0Exempt (3.3%) (0.0%)1,487
$160,556 $160,556SBE Nonunitary (0.0%) (0.0%)[9]
$81,872,128 $79,443,641Cross Reference (0.4%) (0.4%)[655] $852,403,367 $825,521,401Unsecured (4.3%) (4.6%)[4,326] TOTALS 34,556 $19,755,445,874 $17,987,564,151
75.4%
Residential
10.3%
Commercial
8.8%
Industrial
4.6%
Unsecured
0.9%
Others
NET TAXABLE VALUE
69.1%
Residential
14.4%
Commercial
8.1%
Industrial
4.3%
Unsecured
4.1%
Others
ASSESSED VALUE
This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & Cone
Prepared On 2/11/2020 By KR Data Source: Orange County Assessor 2016/17 Combined Tax Rolls 2016/17 GROWTH B Y USE CATEGORY
THE CITY OF FULLERTON
2015/16 to 2016/17 V alue Growth by Use Category
2015/16 Net Taxable Value 2016/17 Net Taxable ValueCategory $ Change % Change
5.0%(75.4%)$12,909,182,270 $13,559,772,333 $650,590,063Residential 31,14431,077
3.5%(10.3%)$1,795,058,211 $1,858,760,455 $63,702,244Commercial 1,0921,096 -1.2%(8.8%)$1,604,780,061 $1,586,273,356 -$18,506,705Industrial 522525
1.2%(4.6%)$815,428,951 $825,521,401 $10,092,450Unsecured [4,326][4,993] -8.4%(0.4%)$86,686,575 $79,443,641 -$7,242,934Cross Reference [655][638]
35.1%(0.4%)$52,755,930 $71,254,756 $18,498,826Vacant 290334
1.5%(0.0%)$6,281,866 $6,377,653 $95,787Agricultural 2121
0.0%(0.0%)$160,556 $160,556 $0SBE Nonunitary [9][9]
0.0%(0.0%)$0 $0 $0Exempt 1,4871,480
TOTALS $17,987,564,151$17,270,334,420 $717,229,731 4.2%(100.0%) 34,533 34,556 Numbers in blue are parcel/assessment counts
$0
$2,000,000,000
$4,000,000,000
$6,000,000,000
$8,000,000,000
$10,000,000,000
$12,000,000,000
$14,000,000,000
Residential Commercial Industrial Unsecured Cross
Reference
Vacant Agricultural
Use Category
Net Value
Assessed Value by Major Use Category
2015/16
2016/17
This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & Cone Prepared On 2/1
1/2020 By KR Data Source: Orange County Assessor 2016/17 Combined Tax Rolls
SAMPLE CITY
PROPERTY TAX DOLLAR BREAKDOWN
$ 0.01597
$ 0.01463
$ 0.01233
$ 0.01130
$ 0.00557
$ 0.00208
$ 0.00083
$ 0.00008
$ 0.00000
Muni Lighting District #2
Flood Control District
County Public Library
Harbors Beaches & Parks
County Water District
County Transit Authority
County Vector Control District
County Water District- Water Reserve
City sewer Fund
$ 1.0000
$ 0.2816 Elementary School General Fund
$ 0.1462 Educational Revenue Augmentation Fund
$ 0.1267 High School General Fund
$ 0.0831 Fire Authority- General Fund
$ 0.0783 General Fund
$ 0.0728 Recreation And Park District
$ 0.0516 County Community College General Fund
$ 0.0456 County General Fund
$ 0.0274 Dept. of Education- General Fund
$ 0.0238 Sanitation #3 Operating
ATI (Annual Tax Increment) Ratios for Tax Rate Area 19001, Excluding Redevelopment Factors & Additional Debt Service This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & Cone Prepared On 2/12/2019 By KB Data Source: Orange County Assessor 2015/16 Annual Tax Increment Tables
THE CITY OF FULLERTON
PROPERTY TAX REVENUE - 2016/17
Estimated Revenue, Assuming Zero Delinquency, County Admin Fees Not Deducted
0.156166325 0.000000$21,347,384.38$13,669,646,402 $0.00 $21,347,384.38TOTAL
0.156826844 0.000000$317,465,411UNS
0.155643285 0.000000$52,535UTIL
0.156150622 0.000000$13,352,128,456SEC
Roll Total RevenueDebt RevenueDebt Rate
General Fund
RevenueRate
Non SA TRAS
Taxable Value
General Fund Summary - Non SA TRAs
$20,849,431.63
$497,870.99
$81.77
$0.00
$0.00
$0.00
$20,849,431.63
$497,870.99
$81.77
+ Aircraft $0 $0.00 $0.00 $0.00
Total $13,702,365,775 $21,347,384.38 $0.00 $21,347,384.38 0.155793421 0.000000 $21,347,384.38Non SA TRAs Total $13,702,365,775 $21,347,384.38 0.155368465 $145,950,698TOTAL
$12,929,840UNS
$664,556UTIL
$132,356,302SEC
Roll Total RevenueDebt RevenueDebt RateBase Year RevenueRate SA TRAS Base Year
Value
$20,429.11
$1,047.85
$209,744.23
$231,221.19 0.158424177
0.158469396
0.157999721
0.157676569
$0.00
$0.00
$0.00
$0.00
0.000000
0.000000
0.000000
0.000000
$209,744.23
$20,429.11
$231,221.19
$1,047.85
General Fund Summary - SA TRAs
**
Net Value
$2,566,901,577
$73,279,089
$108,021
$2,640,288,687**
+ Aircraft $0 $0.00 $0.00 $0.00$0
SA TRAs Total $231,221.19$2,640,288,687**
SA With Negative Increment $1,644,909,689 $2,622,473.85 $0.00 $2,622,473.85$1,644,909,689 General Fund Total $15,493,226,162 $24,201,079.42 $0.00 $24,201,079.42 0.000000** 0.156204261$17,987,564,151 SB 2557 County Admin Fees (Current Year Actual Amount) -$136,500.69 **Value is net of Subordinate TRAs with a Net Taxable Value of $164,175,741, Base Year Values of $760,584 for the Subordinate TRAs are included in the General Fund Total Unitary Revenue $400,794.32
VLF Revenue $12,384,700.00
Homeowner Exemption revenues are included in the revenue model used for this report Data Source: Orange County Assessor 2016/17 Combined Tax Rolls This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & Cone Prepared On 2/11/2020 By KR
THE CITY OF FULLERTON
PROPERTY TAX REVENUE - 2016/17
Estimated Revenue, Assuming Zero Delinquency, County Admin Fees Not Deducted $22,714,652.93
-$5,565.35
$600,140.74
Incremental Revenue Summary Total Incremental
RevenueIncremental RevenueRateIncremental ValueSA Taxable ValueRoll Base Year Value Debt Revenue Debt Rate UNS
UTIL
SEC $0.00
$0.00
$0.00
$22,714,652.93
-$5,565.35
$600,140.74
1.000000000
1.000000000
1.000000000
0.000000
0.000000
0.000000
TOTAL 145,190,114 $23,309,228.32 2,330,922,832 2,476,112,946 $0.00 $23,309,228.321.000000000 0.000000 $2,403,061,011
$108,021
$72,943,914
$131,595,718
$664,556
$12,929,840
$2,271,465,293
-$556,535
$60,014,074
$0.00$0.00+ Aircraft $0.00$0 0.000000000$0 $0
SA Total $2,476,112,946 $145,190,114 $2,330,922,832 $23,309,228.32 $0.00 $23,309,228.32 0.000000 SB 2557 County Admin Fees Not Available
Some TRA values and revenue estimates are not included in the SA summary because they are in SAs that have a negative increment Homeowner Exemption revenues are included in the revenue model used for this report Data Source: Orange County Assessor 2016/17 Combined Tax Rolls This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & Cone Prepared On 2/11/2020 By KR
SALES VALUE HISTORY
THE CITY OF FULLERTON
Single Family Residential Full Value Sales (01/01/2002 - 12/31/2019) Full Value Sales Median PriceYear Average Price Median % Change 1,802 $335,0752002 $295,000
2,136 $424,596 28.81%2003 $380,000
1,776 $505,738 19.74%2004 $455,000
1,919 $589,942 20.88%2005 $550,000
1,347 $629,935 7.45%2006 $591,000
938 $623,472 -1.86%2007 $580,000
923 $486,231 -25.86%2008 $430,000
1,155 $426,554 -14.19%2009 $369,000
1,196 $442,389 4.34%2010 $385,000
1,129 $420,283 -5.19%2011 $365,000
1,315 $438,036 1.37%2012 $370,000
1,351 $515,517 22.97%2013 $455,000
1,202 $552,520 6.59%2014 $485,000
1,412 $577,212 5.15%2015 $510,000
1,422 $609,553 7.84%2016 $550,000
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Median Price Avg Price
Year
Sales Price
*Sales not included in the analysis are quitclaim deeds, trust transfers, timeshares, and partial sales.
This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & Cone
Prepared On 2/11/2020 By KR Data Source: Orange County Recorder PROP 8 POTENTIAL RECAPTURE HISTORY
THE CITY OF FULLERTON
Single Family Residential Parcels
Prop 8
Parcel
Count
Potential
Recapture
Roll
Year
% of
All Parcels
Real Value of
Prop 8 Parcels
Inflation
Adjusted Peak
Taxable Values
Prop 8 Parcels that
have Recaptured
Value
Increase in Real
AV Due to
Recaptures
Prop 8 Parcels
that have fully
Recaptured
Increase in Real
AV Due to full
Recaptures
2008 4,403 2,534,182,751 2,827,086,522 292,903,771 14.5% 257 4,687,530 145 3,230,886 2009 6,192 2,820,839,437 3,669,826,046 848,986,609 20.4% 2,134 87,671,026 589 14,304,386 2010 5,557 2,549,262,569 3,310,982,748 761,720,179 18.3% 1,127 46,690,633 253 8,151,916 2011 6,047 2,794,116,527 3,570,016,394 775,899,867 19.9% 231 4,002,358 10 754,143 2012 7,030 3,128,287,159 3,983,149,711 854,862,552 23.1% 74 2,079,839 15 883,790 2013 7,055 3,145,639,455 4,018,070,650 872,431,195 23.2% 6,583 357,668,390 2,950 90,677,129 2014 3,902 2,052,859,150 2,543,487,082 490,627,932 12.8% 2,930 165,085,814 735 32,663,856 2015 3,021 1,745,851,288 2,097,893,014 352,041,726 9.8% 1,530 70,529,961 270 10,951,485 2016 2,435 1,493,277,986 1,767,655,545 274,377,559 7.9% $0
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
2008 2009 2010 2011 2012 2013 2014 2015 2016
Recapture Potential
Recaptured Value
Fully Recaptured
Prop 8 History
0 2,000,000,000
4,000,000,000
6,000,000,000
8,000,000,000
10,000,000,000
12,000,000,000
14,000,000,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Potential Recapture
Net AV
Totals for Single Family Residential Parcels
The report identifies those parcels which have been granted a value reduction and are eligible for further potential of recaptured value per Proposition 8. The reductions were based on market conditions at the time of assessor review. This calculation is derived from historical transfers of ownership, Assessor applied Proposition 8 reductions and trends in the marketplace relative to median and average home sales and is an estimate of the impact of current adjustments to the assessment roll as of the 2016-17 lien date.
The Inflation Adjusted Peak Value is defined as a parcel ’s highest value after its most recent sale. If a parcel is assessed for a lower value after its most recent sale, then the sales price becomes the peak value. Peak values are inflated annually according to the maximum allowed rate under proposition 13.
The count of Prop 8 Parcels that have recaptured value includes both parcels that have been fully recaptured and are no longer in the Prop 8 Parcel Count as well as parcels that have only recaptured a portion of the Inflation Adjusted Peak Values.
The Proposition 8 potential value recapturing is shown in the Potential Recapture Column and assumes no future sales transactions. As properties transfer ownership they are removed from the Prop 8 Parcel Count This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & Cone V3.0 Prepared On 2/11/2020 By KR Data Source: Orange County Assessor Combined Tax Rolls; Sales Through 12/31/2019 Top Property Owners Based On Net Values
THE CITY OF FULLERTON
2016/17 T OP TEN PROPERTY TAXPAYERS
Owner Secured Unsecured Combined Primary Use &
Primary
AgencyParcels Value ValueParcels Value
% of
Net AV
% of
Net AV
% of
Net AV
1) 2 2$64,427,598 $109,702,447 $174,130,045
Unsecured
0.38% 13.29% 0.97% Successor Agency(Pending Appeals On Parcels)
KIMBERLY-CLARK WORLDWIDE INC
2) 1 1$87,716,949 $1,806,842 $89,523,791
Residential
0.51% 0.22% 0.50% Successor Agency
UNIVERSITY HOUSE FULLERTON LLC
3) 2 $85,783,575 $85,783,575
Residential
0.50% 0.48% Fullerton General Fund
CORECARE III
4) 9 $84,518,013 $84,518,013
Industrial
0.49% 0.47% Fullerton General Fund
RREEF AMERICA REIT II CORPORATION
5) 2 $73,803,968 $73,803,968
Commercial
0.43% 0.41% Fullerton General Fund(Pending Appeals On Parcels)
HUGHES DRIVE ACQUISITIONS PTRS
6) 5 $72,185,707 $72,185,707
Residential
0.42% 0.40% Successor Agency
ADVANCED GROUP
7) 4 $63,056,000 $63,056,000
Industrial
0.37% 0.35% Fullerton General Fund
PSIP WR FULLERTON LLC
8) 1 1$18,477,550 $42,891,822 $61,369,372
Unsecured
0.11% 5.20% 0.34% Successor Agency
ALCOA GLOBAL FASTENERS INC
9) 1 $61,280,007 $61,280,007
Residential
0.36% 0.34% Fullerton General Fund(Pending Appeals On Parcels)
AMERIGE HEIGHTS APARTMENTS LLC
10) 8 $60,123,052 $60,123,052
Industrial
0.35% 0.33% Fullerton General Fund
SFERS REAL ESTATE CORPORATION
18.70% 3.91% $825,773,530$154,401,111$671,372,419 4 35Top Ten Total 4.59% $825,521,401$17,162,042,750City Total $17,987,564,151
Top Owners last edited on 10/12/16 by MaheaV using sales through 09/30/16 (Version R.1) This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & Cone Prepared On 2/11/2020 By KR Data Source: Orange County Assessor 2016/17 Combined Tax Rolls and the SBE Non Unitary Tax Roll
APPEALS HISTORY
THE CITY OF FULLERTON
Appeals History Listing - 2012 Through 01/22/2020 - In Appeal Number Order 2012 Parcel Appeals
Board Value ChangeRoll TotalAppeal Count
2012 Totals Appeals Allowed Value Decline: 17.5%195 $964,593,882 $795,530,024 $-169,063,858 Appeals Denied 84 $187,140,809
Appeals Pending24 $21,560,316
Appeals Withdrawn233 $732,903,970
$1,906,198,977 $-169,063,858$795,530,024 536 Appeals
2013 Parcel Appeals
Board Value ChangeRoll TotalAppeal Count
2013 Totals Appeals Allowed Value Decline: 21.2%95 $512,977,366 $404,273,536 $-108,703,830 Appeals Denied 40 $125,072,668
Appeals Pending5 $4,759,458
Appeals Withdrawn182 $781,773,766
$1,424,583,258 $-108,703,830$404,273,536 322 Appeals
2014 Parcel Appeals
Board Value ChangeRoll TotalAppeal Count
2014 Totals Appeals Allowed Value Decline: 25.4%82 $653,274,988 $487,612,516 $-165,662,472 Appeals Denied 45 $143,908,107
Appeals Pending11 $8,841,447
Appeals Withdrawn168 $792,791,390
$1,598,815,932 $-165,662,472$487,612,516 306 Appeals
2015 Parcel Appeals
Board Value ChangeRoll TotalAppeal Count
2015 Totals Appeals Allowed Value Decline: 18.1%73 $205,362,878 $168,136,772 $-37,226,106 Appeals Denied 53 $107,816,173
Appeals Pending21 $69,062,727
Appeals Withdrawn113 $595,698,495
$977,940,273 $-37,226,106$168,136,772 260 Appeals
This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & Cone Prepared On 2/11/2020 By KR Data Source: Orange County Assessor Through 01/22/2020 - In Appeal Number Order Combined Tax Rolls
APPEALS HISTORY
THE CITY OF FULLERTON
Appeals History Listing - 2012 Through 01/22/2020 - In Appeal Number Order 2016 Parcel Appeals
Board Value ChangeRoll TotalAppeal Count
2016 Totals Appeals Allowed Value Decline: 14.3%39 $90,090,053 $77,162,281 $-12,927,772 Appeals Denied 40 $109,469,919
Appeals Pending17 $142,835,291
Appeals Withdrawn80 $333,522,159
$675,917,422 $-12,927,772$77,162,281 176 Appeals
Appeals Pending
Appeals Denied
Appeals AllowedFULLERTON, ENTIRE CITY
Listed Totals Value Decline:484
262
78 20.3%$-493,584,038$1,932,715,129$2,426,299,167
$673,407,676
$247,059,239
Appeals Withdrawn776 $3,236,689,780
$-493,584,038$6,583,455,862 $1,932,715,129Appeals 1,600 This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & Cone Prepared On 2/11/2020 By KR Data Source: Orange County Assessor Through 01/22/2020 - In Appeal Number Order Combined Tax Rolls
SAMPLE CITY
GENERAL FUND REVENUE ESTIMATE
2016-17 Revenue Estimate based on 2015-16 Values and Estimated Changes General Fund VLFAA
$5,420,713,411General Fund and B Y Values 2015-16
Citywide Net Taxable Value 2015-16 $6,459,887,755
Real Property Value (Incl. Prop 8 parcels) $4,995,814,355 $6,252,399,509 CPI of Non Prop 8 Parcels (1.525%) $68,489,414 $86,176,249 Transfer of Ownership Assessed Value Change $130,654,870 $118,822,475 Est. SFR Prop 8 Adj Based on Recent SFR Price $37,668,904 $44,165,103 2016-17 Estimated Real Property
Value $6,513,395,731$5,220,795,148
Base Year Values Included in AV$237,074,349
Secured Personal Property Value (0.0% growth) $21,168,707 $25,692,114 Unsecured Personal Property Value (0.0% growth) $192,140,929$172,936,304 Nonunitary Utility Value $466,627 $791,983
Enter Completed New Construction
2016-17 Estimated Net Taxable Value $6,732,020,757$5,652,441,135 Estimated
Total Percent Change 2016-17 4.21% 4.27%
Taxed @ 1% $56,524,411
Aircraft Value $0
Average City Share 0.0780518123 $4,411,833
Aircraft Rate (.01 * 0.333333333) $0
Enter Unitary Taxes Budgeted Flat
Net GF Estimate for 2016-17 $4,411,833
Enter Suppl. Apportionment Recd. - A
vg. 3 Yrs
Enter Delinquent Apportionment Recd. - A vg. 3 Yrs
Base Value of VLFAA $4,061,360
Estimated Change to VL
FAA $170,983
VLFAA Estimate for 2016-17 $4,232,343
NOTES:
● Estimated
Assessor Prop 8 Adjustments: Prop 8 reductions in value are TEMPORARY reductions applied by the assessor that recognize the fact that the current market value of a property has fallen below its trended (Prop 13) assessed value. For 2016-17, properties with prior Prop 8 reductions are not included in the CPI increase. Prop 8 parcel values are projected to be increased, decreased, or projected flat depending on median sale price changes until they are sold and reset per Prop 13. ● Base Year Values Entry: With the dissolution of redevelopment, base year values are unlikely to change and are budgeted flat. ● Secured personal property and unsecured values are projected at 100% of 2015-16 levels. 2015-16 values include unsecured escaped assessments that have a general fund total value of $5,490,241 and a jurisdiction wide value of $5,868,700. The value of escaped assessments is generally inconsistent and varies from year to year. Escaped values have been estimated using a 10 year trimmed mean at $12,237,172 for the general fund and $17,005,480 for the entire jurisdiction. ● Completed new construction entry: if completed new construction has resulted in a sale of the property it is likely that the new value will appear in the value increase due to transfers of ownership entry and therefore should not be also included in the completed new construction value. Enter the value of new construction completed between Nov. 2014 and Oct. 2015. ● Supplemental and delinquent revenue allocations are pooled countywide and are erratic. They should be budgeted conservatively using historical averages over a minimum of 3 years.
● General Fund Revenue Estimate does not include any ad valorem voter approved debt service revenue. ● The revenue projection assumes 100% payment of taxes. Delinquency is not considered in the projection; however, rates of between 1% and 2.5% are typical.
● Pass through and residual revenues from former redevelopment agencies are not included in this estimate.
Prepared on 2/12/19 Using Sales Through 12/31/18
This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL Coren & Cone
SAMPLE CITY
GENERAL FUND REVENUE ESTIMATE
2016-17 Revenue Estimate based on 2015-16 Values and Estimated Changes General Fund 2016-17 2017-18 2018-19 2019-20 2020-21
$5,652,441,135General Fund and B
Y Values $5,420,713,411 $5,854,103,238 $6,067,494,654 $6,292,820,676 $5,220,795,148Real Property Value (Incl. Prop 8 parcels) $5,422,457,251 $5,635,848,667 $5,861,174,689$4,995,814,355 95,853,061CPI of Non Prop 8 Parcels (Max 2.0%) $68,489,414 100,245,996 104,788,544 109,854,158 100,545,418Transfer of Ownership Assessed Value Change $118,822,475 104,611,879 108,892,291 113,357,291 Est. SFR Prop 8 Adj Based on Recent SFR Price $37,668,904 $5,263,624 $8,533,541 $11,645,187 $13,858,092 $5,422,457,251$5,220,795,148Estimated Real Property
Value $5,635,848,667 $5,861,174,689 $6,098,244,230
Base Year Values $237,074,349 $237,074,349 $237,074,349 $237,074,349 $237,074,349 Secured Personal Property Value (0.0% growth) $21,168,707 $21,168,707 $21,168,707 $21,168,707 $21,168,707 Unsecured Personal Property Value (0.0% growth) $172,936,304 $172,936,304 $172,936,304 $172,936,304 $172,936,304 Nonunitary Utility Value (0.0% growth) $466,627 $466,627 $466,627 $466,627 $466,627 Enter Completed New Construction
5,854,103,238$5,652,441,135Estimated Net Taxable Value 6,067,494,654 6,292,820,676 6,529,890,217
3.57% 4.27%Estimated
Total Percent Change 3.65% 3.71% 3.77%
$58,541,032$56,524,411Taxed @ 1% $60,674,947 $62,928,207 $65,298,902 Aircraft Value $0 $0 $0 $0 $0
$4,411,833 $4,569,234Average City Share 0.0780518123 $4,735,790 $4,911,661 $5,096,698 Aircraft Rate (.01 * 0.333333333) $0 $0 $0 $0 $0
Enter Unitary Taxes Budgeted Flat
$4,411,833 $4,569,234Net GF Estimate $4,735,790 $4,911,661 $5,096,698 Enter Suppl. Apportionment - A
verage 3 Yrs.
Enter Delinquent Apportionment - A verage 3 Yrs.
SAMPLE CITY
GENERAL FUND REVENUE ESTIMATE
2016-17 Revenue Estimate based on 2015-16 Values and Estimated Changes VLFAA 2016-17 2017-18 2018-19 2019-20 2020-21
$6,732,020,757Citywide Net
Taxable Value $6,459,887,755 $6,983,839,793 $7,250,008,693 $7,530,782,896 $6,513,395,731Real Property Value (Incl. Prop 8 parcels) $6,765,214,767 $7,031,383,667 $7,312,157,870$6,252,399,509 $120,237,080CPI of Non Prop 8 Parcels (Max 2.0%) $86,176,249 $125,708,679 $131,366,677 $137,616,152 $125,424,844 Transfer of Ownership Assessed Value Change $130,654,870 $130,492,409 $135,822,503 $141,382,451 $44,165,103 Est. SFR Prop 8 Adj Based on Recent SFR Price $16,205,000 $13,585,023 $9,967,812 $6,157,112 $6,765,214,767$6,513,395,731Estimated Real Property
Value $7,031,383,667 $7,312,157,870 $7,607,361,473
$25,692,114Secured Personal Property Value (0.0% growth) $25,692,114 $25,692,114 $25,692,114 $25,692,114 $192,140,929Unsecured Personal Property Value (0.0% growth) $192,140,929 $192,140,929 $192,140,929 $192,140,929 $791,983Nonunitary Utility Value $791,983 $791,983 $791,983 $791,983 Enter Completed New Construction
$6,983,839,793$6,732,020,757Estimated Net Taxable Value $7,250,008,693 $7,530,782,896 $7,825,986,499
3.74% 4.21%Estimated
Total Percent Change 3.81% 3.87% 3.92%
$4,232,343 Base Value of VLFAA $4,061,360 $4,390,633 $4,557,916 $4,734,307 $170,983 Estimated Change to VLFAA $158,290 $167,283 $176,391 $185,585 $4,232,343 VLFAA Estimate $4,390,633 $4,557,916 $4,734,307 $4,919,892 NOTES:
● T
ransfer of Ownership Assessed Value Change: For years 2017-18 and later a growth rate is applied that is representative of the historical average rate of real property growth due to properties that have transferred ownership. The percentage used in Orange County of 1.92% is applied to real property value. ● Estimated Assessor Prop 8 Adjustments: Prop 8 reductions in value are TEMPORARY reductions applied by the assessor that recognize the fact that the current market value of a property has fallen below its trended (Prop 13) assessed value. For 2016-17 and later, properties with prior Prop 8 reductions are not included in the CPI increase, they are projected flat until either the Assessor begins to recapture value as the economy improves and median sale prices begin to increase, they are further reduced, or they sell and are reset per Prop 13. ● Where they exist, prop 8 restoration adjustments are based on projected median SFR home price growth. For this projection the following median year to year percentage changes are used for Cypress: 2017-18 @ 1.3%; 2018-19 @ 2.2%; 2019-20 @ 3.1%; 2020-21 @ 4.0%; ● Base Year Values Entry: With the dissolution of redevelopment, base year values are unlikely to change and are budgeted flat. ● Secured personal property and unsecured values are projected at 100% of 2015-16 levels. 2015-16 values include unsecured escaped assessments that have a general fund total value of $5,490,241 and a jurisdiction wide value of $5,868,700. The value of escaped assessments is generally inconsistent and varies from year to year. Escaped values have been estimated using a 10 year trimmed mean at $12,237,172 for the general fund and $17,005,480 for the entire jurisdiction. ● Completed new construction entry: This data entry point allows for the inclusion of new construction projects completed annually. Due to processing delays we suggest that a time frame of November - October be selected. (i.e. Nov. 2014 - Oct. 2015 for the 2017-18 FY). If completed new construction has resulted in a sale of the property it is likely that the new value will appear in the value increase due to transfers of ownership entry and therefore should not be also included in the completed new construction value. ● Pooled Revenue Sources include supplemental allocations, redemptions for delinquent payments in Non-Teeter cities, tax payer refunds due to successful appeals, roll corrections and other adjustments applied after the release of the roll. The forecasting of these revenues should be developed based on historical averages over a minimum of 3 years. ● General Fund Revenue Estimate does not include any ad valorem voter approved debt service revenue. ● The revenue projection assumes 100% payment of taxes. Delinquency is not considered in the projection; however, rates of between 1% and 2.5% are typical.
Prepared on 2/12/19 Using Sales Through 12/31/18
This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL Coren & Cone