Applicant challenges property tax assessment in Thousand Oaks valuation appeal

A significant property tax appeal took center stage at the Ventura County Assessment Appeals Board meeting on June 2, 2025, as an applicant challenged the assessed value of a single-family residence in Thousand Oaks. The appeal revolves around a purchase price assessment from October 10, 2022, where the property was bought for $3,260,000.

During the meeting, the applicant was reminded that the burden of proof lies with them, as they seek to contest the presumption that the purchase price reflects the property's full cash value. Andrew Penator, representing the assessor's office, provided an overview of the case, emphasizing that the sales price was enrolled as the fair market value, establishing the base year value in accordance with California's revenue and taxation codes.

The applicant's request for written findings of fact was acknowledged, indicating a desire for clarity and documentation regarding the board's decision. As the meeting progressed, the applicant prepared to present their case, setting the stage for a detailed examination of the property's valuation.

This appeal highlights the ongoing discussions around property assessments and the complexities involved in determining fair market value, particularly in a competitive real estate market. The outcome of this case could have implications for future assessments and appeals in Ventura County.