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Assessor seeks liens on two downtown parcels after audit; property owners raise valuation and timing objections at public hearing
Summary
At a Committee of the Whole hearing May 24, the Assessor-Recorder presented audits showing roughly $444,000 owed for 562 Sutter Street and about $5.1 million owed for 550 (recorded as "Magnin") Street in unpaid transfer tax, penalties and interest; property representatives disputed valuation and timeliness and asked for time to resolve the differences.
The Board of Supervisors convened as a Committee of the Whole on May 24 to consider objections to the Assessor-Recorder’s report of delinquent real property transfer tax under Business and Tax Regulations Code section 115.1(c) for two downtown parcels: 562 Sutter Street (APN 0284-010) and 550 (transcript: "Magnin") Street (APN 0330-023).
Edward McCaffrey, representing Assessor-Recorder Carmen Chu’s office, told the board that audits found the declared purchase prices understated relative to the real-estate value exclusive of personal property and intangible assets. For 562 Sutter Street (recorded Nov. 14, 2012), the assessor’s valuation…
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