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Rehabilitation and Maintenance Plans are included in the packet. Despite the lengthy process the owners have been ideal and working with the Planning Department to meticulously restore the upon property. The Planning Department recommends approval of this contract in conformance with the unanimous recommendation of approval this year. The application rehabilitation and Maintenance Program is consistent with the requirements of the mills act. I am available to answer any questions about the application and the program and a representative from the Assessors Office can answer questions about the reevaluation. Okay. Good afternoon supervisors. Trisha on behalf of the assessors records office. I ....
Good afternoon now. Welcome back to the San Francisco budget and finance Committee Meeting for july 24, 2013. We left off having gotten through item number 14 and mr. Clerk can you call item number three now. Item number three resolution approving a Historic Property for buchanan street and authorizing the planning director to execute the Historic Property contract. Okay. Thank you very much. I think we will call up the legislative aide to supervisor breed. Thank you. This is the property at buchanan street. Its a beautiful home and landmarked for over 40 years. The mills act is a property tax discount that will make it financially feasible to maintain the treasure down the street from us today. Supervisor breed supports it and i think andy draw from supervi ....
Should be closer to 1. 1 million instead of 1 million and impact to the city of 6,000 versus 7,000. I did note that we consulted with the City Attorney and noted this lower estimate is not substantive and would not require a continuance and now i would like to turn it over to michael who will address the General Mills act process and for the corrected estimate rational. Thank you trisha and good afternoon chair farrell and supervisors. I am here to speak on the general process the Assessors Office goes through evaluating a mills act property. I can speak on the specific evaluation for buchanan street. For all of properties we are to do this and what is the facta [inaudible] value and the original Purchase Price and the inflation factor added each year and then a mar ....
Evaluation used 4 for the entire property. We were thats incorrect because part of the property is Owner Occupied so we applied the 4 risk rate to the Owner Occupied portion of the rate and 2 for the non Owner Occupied portion of the property. This resulted in evaluation being adjusted to. 29 95. And the second handout is the revised summary page. The three prong test as you can see and the current assessed value is listed here and result in taxes of approximately 19,000. Based upon the three prong test the lower of the values, the restricted value, which is 1. 1 million, and the factory facta value and 2 million and the value should be as listed here and results in tax savings of approximately 6,000 and i am here to answer any questions you may have. Thank you. Colleagues do we have any questions . Thank you very much. ....
The buchanan street. From that market rent we subtracted and allowable vacancy and collection loss. We subtracted some operating expenses that should be allowed for the property to approve at the net income. The change was made in the risk factor. For over occupied buildings its 4 . For all other property types the risk factor is 2 . Our initial evaluation used 4 for the entire property. We were thats incorrect because part of the property is Owner Occupied so we applied the 4 risk rate to the Owner Occupied portion of the rate and 2 for the non Owner Occupied portion of the property. This resulted in evaluation being adjusted to. 29 95. And the second handout is the revised summary page. The three prong test as you can see and the current assessed value is listed here and result in taxes of approximately 19,000. Based u ....