Assessment Appeal Board reduces Thousand Oaks home value due to undisclosed repairs

The Assessment Appeals Board meeting held on April 17, 2025, focused on a significant case regarding a custom single-family residence in the Covington neighborhood of Thousand Oaks, Ventura County. The property, purchased on November 19, 2021, for $2,122,500, was initially accepted as fair market value by the assessor. However, the applicant filed an appeal (number 2210760) contesting this valuation due to undisclosed repair issues discovered post-transfer.

During the meeting, the board reviewed the appeal, which had previously been heard on January 22, 2024. The board decided to reduce the assessed value of the property to $1,000,009.22, acknowledging that the applicant had partial notice of existing defects prior to the sale. The board concluded that a reduction of $200,000 was reasonable based on the property's condition at the time of sale. Consequently, the assessor submitted a correction to adjust the 2022 enrolled value to reflect this new base year value.

The appraisal presented during the meeting included five comparable properties located within a 1.1-mile radius of the subject property. The subject property, situated on a 1.55-acre lot, has only 15,000 square feet of usable space. Comparables were adjusted for various factors, including lot size and improvements such as pools and outdoor structures. Notably, the subject property’s outdoor fireplace was deemed inoperable and thus not valued in the assessment.

The board discussed the adjustments made for each comparable property, considering factors such as size, condition, and views. After thorough analysis, the adjusted sales prices of the comparables ranged from $1,000,007.74 to $2,000,001.00. The subject property's adjusted value of $1,000,009.22 fell within this range, leading the board to conclude that a Prop 8 market reduction was not warranted for January 1, 2022.

The meeting concluded with the board's decision to uphold the adjusted value, reflecting the complexities involved in property assessments and the importance of accurate disclosures during real estate transactions. The next steps for the applicant and the assessor were not specified, but the board's ruling sets a precedent for similar cases in the future.