Summary of December Finance Committee

FROM: ROBERT BARRON III SUBJECT: SUMMARY OF FINANCE COMMITTEE MEETING 12-11-12 On December 11, 2012, Paula Cone of HDL Services presented the Finance Committee with an analysis of the Town’s property taxes. Ms. Cone discussed the 1% share tax distribution and its integration with Proposition 13 (1978). Proposition 13 provides that a property assessment cannot grow beyond 2% each year (with the exception of “catch-up” provisions within Proposition 8). Ms. Cone explored how the calculation of property taxes are determined through Proposition 13, increment value increases in properties, and the property tax dollar breakdown for Atherton. Video of the meeting is available online. The Town’s general levy share per $1.00 of property tax is $0.1056. Ms. Cone went into greater detail when discussing the provisions of Proposition 8 (recapture of temporarily reduced assessed property values to the current Proposition 13 cap levels). Ms. Cone also discussed the distribution of property taxes within Atherton and the revenue sources in our area. Through the 2012/2013 tax roll the Town will receive a 9.03% increase in net taxable assessed value making it the top growth city in San Mateo County. Countywide growth was 3.3%. In dollar terms, from 2011/2012 to 2012/2013 the Town’s net taxable value increased by $575,385,241. This comes from a total of 2,619 parcels in the Town with a total net taxable value of $6,949,217,818 in 2012/2013. Attached are a series of reports provided by HDL Services.

Town of Atherton

Sherman Hall

Highlight

Sherman Hall

Highlight

2012/13 PROPERTY TAX SUMMARY

THE TOWN OF ATHERTON_________________________________________

The Town of Atherton experienced a net taxable value increase of 9.0% for the 2012/13 tax roll, which was

significantly more than the increase experienced countywide at 3.3%. The assessed value increase between

2011/12 and 2012/13 was $575 million. The change attributed to the 2% Proposition 13 inflation

adjustment was $127 million, which accounted for 22% of all growth experienced in the city.

The largest assessed value increase was reported on a multi-parcel purchase of residential and vacant sites

by 237 Atherton Avenue LLC and 246 Atherton Avenue LLC at the same addresses for $53 million has

translated in a year to year increase $58.5 after the addition of the 2% CPI adjustment and the assignment of

value to each of the 4 parcels in the transaction. The original combined values of these properties were

$1.98 million. Fairview Avenue Holdings LLC purchased their residential property at 83 Fairview Avenue in

April 2011 for $15,840,00 and 383 Associates LLC purchased 383 Walsh Road in 2008 and has

subsequently added new improvement values on site for an increase of $9.4 million.

The largest assessed value decline was reported on a former vacant residential site at 85 Isabella Avenue

that was purchased in 2007 by Brion and Sabrina Applegate and then developed through 2009. The original

value enrolled for this site after the completion of development was $24.8 million which has been appealed

and reduced to $18 million for the current tax year. Unimproved residential property purchased in 2006 for

$9 million is now in bank ownership and is valued at $5.7 million.

% ChangeYear Median PriceSFR Sales

222006 $2,600,000

16 20.19%2007 $3,125,000

76 27.20%2008 $3,975,000

69 -20.00%2009 $3,180,000

96 -1.65%2010 $3,127,500

96 20.70%2011 $3,775,000

59 7.55%2012 $4,060,000

The housing market began to rebound during the first half of 2012, as home buying increased due to low

interest rates and affordable prices. Foreclosures are at their lowest levels in five years. Median prices and

numbers of sale transactions are up statewide. The housing market is poised for recovery but the speed and

magnitude of the recovery will depend on the overall economy. The median sale price of a single family

home in Atherton from January through July 2012 was $4,060,000. This represents a $285,000 (7.5%)

increase in median sale price from 2011.

2012/13 Tax Shift Summary

ERAF I & II

VLFAA (est.)

Triple Flip

$-1,341,697

$57,056

$744,638

Triple Flip True up $16,729

Top 10 Property Taxpayers% of TotalRevenueOwner Use Type

237 ATHERTON AVENUE LLC1. $45,450.69 Residential 0.78%

BITA DARYABARI2. $37,915.86 Residential 0.65%

GEORGE R. ROBERTS TRUST3. $30,285.58 Residential 0.52%

PACIFIC PENINSULA GROUP4. $23,071.25 Residential 0.40%

383 ASSOCIATES LLC5. $22,914.38 Residential 0.40%

JOSEPH S. LACOB TRUST6. $18,130.28 Residential 0.31%

ROBERT THOMAS7. $18,020.16 Residential 0.31%

SHIBUMI LLC8. $16,940.23 Residential 0.29%

CALIFORNIA WATER SERVICE COMPANY9. $16,932.48 Miscellaneous 0.29%

BAGATELLE INVESTORS LLC10. $16,913.77 Residential 0.29%

Top Ten Total $246,574.69 4.25%

909.861.4335 www.hdlcompanies.com

http://www.hdlccpropertytax.com

Sherman Hall

Highlight

Sherman Hall

Highlight

Sherman Hall

Highlight

Sherman Hall

Highlight

Sherman Hall

Highlight

Sherman Hall

Highlight

Sherman Hall

Highlight

Sherman Hall

Highlight

Sherman Hall

Highlight

Real Estate Trends

Home SalesHome sales have begun to rebound in many parts of the State. The increased sales are due to less distressed

homes on the market and buyers beginning to purchase in mid and high end areas. Low mortgage rates and

affordable prices are proving attractive for buyers and finally convincing them to reenter the market. The

reported median price of an existing, single family detached home in California during July 2012 was

$281,000. This was an 11.5 percent increase from $252,000 in July 2011.

Units Sold

July-2011

Units Sold

July-2012% Change % ChangeMedian Price

July-2012

Median Price

July-2011All Homes

Alameda County 1,424 1,827 28.30% 11.59%$345,000 $385,000

Contra Costa County 1,445 1,718 18.89% 19.15%$258,500 $308,000

Marin County 238 339 42.44% 5.20%$635,000 $668,000

Napa County 105 135 28.57% 32.56%$281,000 $372,500

San Francisco County 444 567 27.70% 5.78%$675,000 $714,000

San Mateo County 570 822 44.21% 8.80%$568,000 $618,000

Santa Clara County 1,584 1,779 12.31% 13.00%$500,000 $565,000

Solano County 604 610 0.99% 1.35%$185,500 $188,000

Sonoma County 481 623 29.52% 2.27%$308,000 $315,000

Recapturing Proposition 8 ReductionsProposition 13 caps the growth of a property’s assessment at no more than 2% each year unless the market

value of property falls lower. When property values decline Proposition 8 which was passed by the voters in

1978 allows the property to be temporarily assessed at the lower value. Once reduced, the assessed value

and property taxes may increase by more than 2% a year as the property values rise during a real estate

recovery. The “recaptured” values can be adjusted upward to the annually adjusted Proposition 13 cap (blue

line below).

YEAR 1: The

$500,000

Sales Price of

a newly

purchased

home is used

as the Prop 13

Base Value.

YEAR 2: The market

value rises to

$550,000, but the

Prop 13 assessed

value for taxation is

$510,000. ($500,000

plus 2% CPI increase) YEARS 3-6: Market value falls below

Proposition 13 value and the assessor reduces

the value to the lower value per proposition 8.

YEAR 7: Market

value is $590,000,

however the assessed

value used for

taxation is $563,081.

($500,000 plus the

2% CPI increase

applied for each year

after base year)

909.861.4335 www.hdlcompanies.com


2012/13 PROPERTY TAX REVIEW

THE TOWN OF ATHERTON

Total Taxable ValueTax Year

Total Value Change 575,385,241

2012/13 6,949,217,818

6,373,832,5772011/12

Dollar Change Change Event

174,269,838

-1,137,170

-37,640,413

127,130,095

Net Change of Parcels with Negative Growth

Unsecured Roll Change

Transfer of Ownership Change

Net Value Change of CPI Growth (2.000%)

3,580,224 Non Residential New Construction

575,385,241

Other Net AV Change 309,182,667

Year to Year Value Change by Use Category

% Change$ ChangeCategory

8.55%$530,288,107Residential

2.19%$282,138Dry Farm

3.91%$742,459Miscellaneous

153.49%$9,670,119Unknown

26.64%$35,539,588Vacant

-33.18%-$1,137,170Unsecured

Total Personal PropertyChange by Component

Entire City -3.42% 9.03%

3.32%Countywide 3.03%

0M

1,000M

2,000M

3,000M

4,000M

5,000M

6,000M

7,000M

2003

/04

2004

/05

2005

/06

2006

/07

2007

/08

2008

/09

2009

/10

2010

/11

2011

/12

2012

/13

Unsecured Nonunitary Secured

Net Taxable Value Change Notes:• Residential uses grew 8.6% setting the trend for the city’s 9% growth. These were primarily homes that sold for more than the prior assessor’s enrolled value. • Unsecured properties posted a decline of $1.1 million. This reduction was on vending equipment owned by Grayhawk Leasing LLC, at various locations.• A multi-parcel purchase of residential and vacant sites by 237 Atherton Avenue LLC and 246 Atherton Avenue LLC at the same addresses for $53 million has translated in a year to year increase $58.5 after the addition of the 2% CPI adjustment and the assignment of value to each of the 4 parcels in the transaction. The original combined values of these properties

were $1.98 million.• A vacant residential site at 85 Isabella Avenue was purchased in 2007 by Brion and Sabrina Applegate and was developed through 2009. The original value of $24.8 million was appealed and reduced to $18 million.• The CPI for 2013-14 is tracking at 2%.

Top 10 Taxpayers Based on City Revenue 2011/12 RankTop 10 Taxpayers Based on City Revenue 2012/13

1237 ATHERTON AVENUE LLC new purchase for increased value BITA DARYABARI

2BITA DARYABARI GEORGE R. ROBERTS TRUST

3GEORGE R. ROBERTS TRUST BRION B. APPLEGATE #19 in 2012-13 after an appeal reduction 4PACIFIC PENINSULA GROUP #42 in 2011-12 purchased properties ROBERT THOMAS

5383 ASSOCIATES LLC new improvement added on site NOAHS PARK PLACE LLC #12 in 2012-13 6JOSEPH S. LACOB TRUST #16 in 2011- 12 improvement increase CALIFORNIA WATER SERVICE COMPANY

7ROBERT THOMAS KENNETH C. KIM TRUST #15 in 2012-13 8SHIBUMI LLC #12 in 2011-12 improvement increase ONE SIX FOUR LLC #16 in 2012-13 9CALIFORNIA WATER SERVICE COMPANY PARKFIELD PROPS HOLDING LLC #18 in 2012-13 10BAGATELLE INVESTORS LLC #45 in 2011-12 improvement increase ERIC ROBERTS TRUST #17 in 2012-13

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 10/9/2012 By PC Data Source: San Mateo County Assessor 2012/13 Secured and Unsecured Tax Rolls

Page 1


paulac

Highlight

paulac

Highlight

paulac

Highlight

paulac

Highlight

paulac

Highlight

paulac

Highlight

paulac

Highlight

paulac

Highlight

paulac

Highlight

paulac

Highlight

paulac

Highlight

paulac

Highlight

Sherman Hall

Highlight

Sherman Hall

Highlight

Sherman Hall

Highlight

Sherman Hall

Highlight

2012-2013 PROPERTY DATA


PRELIMINARY PROPERTY TAX REPORTS

Revenue Management for Local Government



2012/13 PROPERTY TAX

Contents 1Section 1: Entire City 1Assessed Values

2Growth by Use Category

3Prop 8 Potential Recapture History

4City Growth Comparison

5Net Taxable Secured Value Changes

6Secured Value Change History Listing

15Transfer of Ownership

16Sales Value History

17Sales History

18Comparison of Median Sale Price to Peak Price

19Roll Summary

20Use Category Summary

21Property Tax Dollar Breakdown

22Representative General Levy Share Estimate

23Property Tax Revenue

24Top Ten Property Taxpayers

25Top 25 Property Taxpayers - Secured

26Top 25 Property Taxpayers - Unsecured

27SBE Assessed Nonunitary Utilities

28Parcel Change Listing

29Section 2: Foreclosure Information 29Foreclosure Activity

31County Foreclosure Activity

34Secured Lender Owned Listing

35Section 3: Resources 35Description of Property Tax Reports


Secured

Nonunitary

Unsecured

2008/09 TO 2012/13 ASSESSED VALUES


- 2008/09 - 2009/10 - 2010/11 - 2011/12 - 2012/13

$2,200,000,000 $4,400,000,000 City County

Percent Change$1,100,000,000 $3,300,000,000$0

Land

$3,496,200,435 I$3,741,062,033 2.1% 7.0% I$3,933,844,027 0.3% 5.2% I$3,876,939,441 0.9%-1.4% I$4,235,092,480 3.2% 9.2% I

Improvements

$2,399,575,267 I$2,541,118,750 0.0% 5.9% I$2,563,582,187 -1.2% 0.9% I$2,662,814,011 2.3% 3.9% I$2,885,227,036 3.0% 8.4% I

Personal Property

$17,080,710 I$18,610,486 -2.1% 9.0% I$20,376,454 -17.1% 9.5% I$16,508,814 -6.0%-19.0% I$15,944,256 3.0%-3.4% I

Exemptions

$102,199,514 I$114,400,852 6.6% 11.9% I$335,467,581 -1.6% 193.2% I$182,429,689 9.6%-45.6% I$187,045,954 -5.4% 2.5% I

CountyCity$7,200,000,000$3,600,000,000 $5,400,000,000$1,800,000,000

Gross Assessed

$5,912,856,412 I$6,300,791,269 0.8% 6.6% I$6,517,802,668 -1.4% 3.4% I$6,556,262,266 1.3% 0.6% I$7,136,263,772 3.1% 8.8% I

Net Taxable Value

$5,810,656,898 I$6,186,390,417 0.7% 6.5% I$6,182,335,087 -1.4%-0.1% I$6,373,832,577 1.1% 3.1% I$6,949,217,818 3.3% 9.0% 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 11/21/2012 By MV Data Source: San Mateo County Assessor 2008/09 To 2012/13 Combined Tax Rolls

Page 1


2012/13 GROWTH BY USE CATEGORY


2011/12 to 2012/13 Value Growth by Use Category2011/12 Net Taxable Value 2012/13 Net Taxable ValueCategory $ Change % Change

8.6%(96.8%)$6,198,841,844 $6,729,129,951 $530,288,107Residential 2,4852,486

26.6%(2.4%)$133,421,929 $168,961,517 $35,539,588Vacant 7171

3.9%(0.3%)$18,971,552 $19,714,011 $742,459Miscellaneous 3636

153.5%(0.2%)$6,300,000 $15,970,119 $9,670,119Unknown 31

2.2%(0.2%)$12,870,167 $13,152,305 $282,138Dry Farm 11

-33.2%(0.0%)$3,427,085 $2,289,915 -$1,137,170Unsecured [39][36]

> 999.9%(0.0%)$0 $0 $0Commercial 55

> 999.9%(0.0%)$0 $0 $0Institutional 1616

> 999.9%(0.0%)$0 $0 $0Recreational 22

TOTALS $6,949,217,818$6,373,832,577 $575,385,241 9.0%(100.0%) 2,618 2,619

Numbers in blue are parcel/assessment counts

$0

$1,000,000,000

$2,000,000,000

$3,000,000,000

$4,000,000,000

$5,000,000,000

$6,000,000,000

$7,000,000,000

Residential Vacant Miscellaneous Unknown Dry Farm Unsecured Commercial

Use Category

Net

Valu

e

Assessed Value by Major Use Category

2011/12

2012/13


Prepared On 11/21/2012 By MV Data Source: San Mateo County Assessor 2012/13 Combined Tax Rolls

Page 2


PROP 8 POTENTIAL RECAPTURE HISTORY


Residential Parcels

Parcel Count Net AV Peak Values $ Change Total % DeclineRoll Year % of All Parcels

25 2008 90,759,668 83,954,518 -6,805,150 7.5% 1.0%

93 2009 504,886,613 442,725,050 -62,161,563 12.3% 3.7%

296 2010 1,585,274,221 1,369,321,367 -215,952,854 13.6% 11.9%

267 2011 1,438,855,040 1,164,939,203 -273,915,837 19.0% 10.7%

229 2012 1,255,958,040 1,047,490,979 -208,467,061 16.6% 9.2%

The report identifies those parcels which have been granted a value reduction and have the potential of recapturing value per Proposition 8. The reductions were based on current market conditions and recapturing will occur when market values rise.

The 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.

The Proposition 8 potential value recapturing is shown in the change column and assumes no future sales transactions. As properties transfer ownership they are removed from this listing and if sold for more or less will not be eligible for value recapturing per Proposition 8.


Prepared On 11/21/2012 By MV Data Source: San Mateo County Assessor Combined Tax Rolls

Page 3

Sherman Hall

Highlight

Sherman Hall

Highlight

2011/12 To 2012/13 Net Taxable Assessed Value Change

CITY GROWTH COMPARISON

SAN MATEO COUNTY

2012/13 Net Value % ChangeValue ChangeCity

9.027% 575,385,241Atherton 6,949,217,818

5.255% 125,185,605Portola Valley 2,507,305,247

4.798% 25,516,959Colma 557,332,330

4.521% 321,489,988Burlingame 7,433,066,368

4.416% 450,919,958Menlo Park 10,662,442,102

4.216% 179,709,786Woodside 4,442,754,129

4.028% 268,128,387Hillsborough 6,925,451,975

3.797% 140,625,918Millbrae 3,844,595,910

3.477% 161,601,992Belmont 4,809,497,217

3.253% 216,658,948Foster City 6,876,136,315

2.901% 201,113,163San Carlos 7,132,596,256

2.775% 411,431,297Redwood City 15,235,537,284

2.578% 426,748,098San Mateo 16,978,588,948

2.042% 106,589,869San Bruno 5,325,535,303

1.752% 40,426,410Half Moon Bay 2,347,639,088

1.199% 165,760,833South San Francisco 13,992,796,951

1.127% 97,260,109Daly City 8,730,584,804

1.106% 49,298,753Pacifica 4,506,575,554

-0.462%-7,370,619Brisbane 1,587,354,088

-2.503%-49,507,174East Palo Alto 1,928,669,749



Page 4

2012/13 TOP 40 NET TAXABLE SECURED VALUE CHANGES


Current Net Taxable Value

Net Taxable Value ChangeUse Category Owner Situs Value Change from Prior YearParcel

$41,100,000237 Atherton Ave237 Atherton Avenue LlcResidential +2,842%070-170-010 +$39,703,160$16,156,80083 Fairview AveFairview Avenue Holdings LlcResidential +249%070-161-090 +$11,528,666$27,908,301383 Walsh Rd383 Associates LlcResidential +51%074-130-320 +$9,408,301$14,467,619150 Alta Vista DrA Sugar Pine LlcUnknown +130%073-182-110 +$8,167,619$7,600,000237 Atherton Avenue LlcVacant +5,963%070-131-010 +$7,474,657$7,500,000246 Atherton Ave246 Atherton Avenue LlcResidential +2,633%070-040-490 +$7,225,593

$13,005,4945 Betty LnMovassate Jaleh Trust; Movassate Manoutchehr TrustResidential +120%070-022-690 +$7,090,303$11,053,8011 Stern LnMrft LlcResidential +168%070-380-080 +$6,925,564$19,723,135162 Isabella AveBagatelle Investors LlcResidential +52%070-211-520 +$6,756,802$9,000,000150 Almendral AveBrookvale Investments LpVacant +254%059-292-140 +$6,457,473

$15,810,000224 Park LnAtherton 224 Pk Lane LlcResidential +66%070-330-070 +$6,312,712$6,500,000289 Park LnThangaraj Immanuel; Thangaraj Preetha RResidential +3,233%070-342-280 +$6,305,009

$13,460,40398 Stevenson LnHammarskjold Philip; Hammarskjold AliciaResidential +87%070-211-400 +$6,260,403$6,528,000253 Park LnAtherton Properties LlcResidential +1,279%070-342-170 +$6,054,777$6,798,55395 Monte Vista AveBig Pool LlcResidential +770%070-180-380 +$6,017,066

$14,011,083127 Tuscaloosa AveHurd Mark V Trust; Hurd Paula R TrustResidential +66%070-080-050 +$5,565,903$10,905,00092 Faxon RdYellowtail LlcVacant +104%070-201-030 +$5,565,091$9,573,17818 Monte Vista Ave18 Monte Vista Avenue LlcResidential +105%070-132-020 +$4,914,670$7,400,00061 Selby LnCyrus Michael J Trust; Cyrus Mariet TrustResidential +163%059-302-150 +$4,582,681$8,414,863228 Polhemus AveBirkhofer Wendell W Trust; Birkhofer Celeste P TrustResidential +110%070-022-710 +$4,414,863$5,992,500311 Stockbridge AveVoorhies Douglas A Trust; Voorhies Nora D TrustResidential +252%070-011-280 +$4,290,309$5,706,90099 Edwards LnAnderson David L And Lois Trust N A; Von Oech Roger And Wendy TrustResidential +300%070-211-180 +$4,279,834$4,300,000237 Atherton Avenue LlcVacant +4,723%070-131-020 +$4,210,844$4,450,00070 Elena AveElena Properties LlcResidential +1,649%070-212-060 +$4,195,514$4,500,00095 Stern LnRonaghi Mostafa; Mohamadi ParinazResidential +963%070-380-120 +$4,076,658

$14,460,00075 Almendral AveThompson Richard L Trust; Thompson Rhona Fogarty TrustResidential +39%070-090-040 +$4,060,000$4,276,000230 Polhemus AvePacific Peninsula GroupResidential +1,855%070-022-440 +$4,057,320$9,728,745157 Stockbridge AveMaceda Emmanuel Perez Trust; Maceda Ma Lourdes Rufino TrustResidential +68%059-292-020 +$3,928,745$4,260,00045 Prado Secoya StPacific Peninsula GroupResidential +942%070-343-200 +$3,851,053$4,050,000214 Atherton AvePnc Development LlcResidential +1,173%070-040-320 +$3,731,975$5,544,00449 James AvePaxton Nancy L Trust; Desai Gaurang TrustResidential +201%061-132-040 +$3,699,882$7,334,994297 Polhemus AveMassihpour Shahriar Trust; Tabibi Afsaneh TrustResidential +101%070-032-010 +$3,689,901$3,952,500164 Stockbridge AveBhardwaj Vinod K Trust; Bhardwaj Kalpana TrustResidential +1,108%059-281-160 +$3,625,284$8,250,000202 Camino Aly Unit LagoBizer David S Trust; Dsb TrustResidential +75%070-320-080 +$3,547,561

$10,710,00068 Adam WayHolt Michael C Trust; Holt Sharon E TrustResidential +49%059-311-220 +$3,540,204$6,100,000260 Oak Grove AveFarmwald Paul Michael Trust; Farmald Paul Michael TrustResidential +129%061-232-140 +$3,441,123$4,850,00018 Ralston RdYang Zhi; Feng LiminResidential +197%059-292-070 +$3,218,162$4,439,5661 Atherton Oaks LnNixon Lucille Holding Trust Et AlResidential -47%070-341-200 -$3,883,616$5,700,000Borel Private Bank And Trust Company; Fallen Oak TrustResidential -41%070-240-220 -$3,983,642

$18,048,41085 Isabella AveApplegate Brion B; Applegate Sabrina RResidential -28%070-250-410 -$6,966,360

This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & ConePrepared On 11/21/2012 By MV Data Source: San Mateo County Assessor 2011/12 And 2012/13 Secured Tax Rolls

Page 5

2012/13 TOP 25 SECURED VALUE CHANGE HISTORY LISTING


Owner

Net Total

Assessed

070-170-010 237 Atherton Ave Land

Fixtures &

Improvements

Homeowner

ExemptionsExemptions

Personal

Property Appeals Activity

Transfer

AmountYear

1999 Russell Madeleine Haas Trust 0 0 1,141,532 0 620,125 521,407 2000 Russell Madeleine Haas Trust 0 0 1,164,362 0 632,527 531,835 2001 Russell Madeleine Haas Trust 0 0 1,187,648 0 645,177 542,471 2002 Russell Madeleine Haas Trust 0 0 1,211,400 0 658,080 553,320 2003 Russell Madeleine Haas Trust 0 0 1,235,627 0 671,241 564,386 2004 Russell Madeleine Haas Trust 0 0 1,258,696 0 683,773 574,923 2005 Russell-Shapiro Alice; Russell Charles Phillips 0 0 1,283,869 0 697,448 586,421 2006 Russell-Shapiro Alice; Russell Charles Phillips 0 0 1,309,545 0 711,396 598,149 2007 Russell-Shapiro Alice; Russell Charles Phillips 0 0 1,335,734 0 725,623 610,111 2008 Pine Brook Llc 0 0 1,362,448 0 740,135 622,313 2009 Pine Brook Llc 0 0 1,389,696 0 754,937 634,759 2010 Pine Brook Llc 0 0 1,386,401 0 753,147 633,254 2011 237 Atherton Avenue Llc 0 0 1,396,840 0 758,818 638,022 53,000,000F

2012 237 Atherton Avenue Llc 0 0 41,100,000 0 500,000 40,600,000

Owner

Net Total

Assessed

070-161-090 83 Fairview Ave Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Kvamme Mark D And Patricia M 0 0 2,556,119 0 1,556,313 999,806 2000 Kvamme Mark D Trust; Kvamme Patricia M Trust 0 0 2,607,241 0 1,587,439 1,019,802 2001 Kvamme Mark D Trust; Kvamme Patricia M Trust 0 0 2,659,385 0 1,619,187 1,040,198 2002 Kvamme Mark D Trust; Kvamme Patricia M Trust 0 0 2,712,571 0 1,651,570 1,061,001 2003 Kvamme Mark D Trust; Kvamme Patricia M Trust 0 0 2,816,822 0 1,734,601 1,082,221 2004 Kvamme Mark D Trust; Kvamme Patricia M Trust 0 0 4,170,411 0 3,067,985 1,102,426 2005 Kvamme Mark D Trust; Kvamme Patricia M Trust 0 0 4,253,818 0 3,129,344 1,124,474 2006 Kvamme Mark D Trust; Kvamme Patricia M Trust 0 0 4,338,893 0 3,191,930 1,146,963 2007 Kvamme Mark D Trust; Kvamme Patricia M Trust 0 0 4,425,669 0 3,255,767 1,169,902 2008 Kvamme Mark D Trust; Kvamme Patricia M Trust 0 0 4,514,180 0 3,320,880 1,193,300 2009 Kvamme Mark D Trust; Kvamme Patricia M Trust 0 0 4,604,462 0 3,387,296 1,217,166 2010 Fairview Avenue Holdings Llc 0 0 4,593,547 0 3,379,266 1,214,281 2011 Fairview Avenue Holdings Llc 0 0 4,628,134 0 3,404,710 1,223,424 15,840,000F

2012 Fairview Avenue Holdings Llc 0 0 16,156,800 0 3,916,800 12,240,000

Owner

Net Total

Assessed

074-130-320 383 Walsh Rd Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Johnson J Cyril Trust; Johnson La Prele Trust 0 14,000 557,070 0 319,511 237,559 2000 Johnson J Cyril Trust; Johnson La Prele Trust 0 7,000 568,211 0 325,901 242,310 2001 Johnson J Cyril Trust; Johnson La Prele Trust 0 7,000 579,575 0 332,419 247,156 2002 Johnson La Prele Trust 0 0 591,166 0 339,067 252,099 2003 Johnson La Prele Trust 0 7,000 602,988 0 345,848 257,140

2004 Johnson La Prele Trust 0 7,000 630,244 0 368,304 261,940 2005 Johnson La Prele Trust 0 7,000 694,028 0 426,850 267,178 2006 Johnson La Prele Trust 0 7,000 707,058 0 434,537 272,521 2007 383 Associates Llc 0 0 721,198 0 443,227 277,971 18,000,000T

2008 383 Associates Llc 0 0 17,440,000 0 100,000 17,340,000

This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & ConePrepared On 11/21/2012 By MV Data Source: San Mateo County Assessor 2012/13 Secured Tax Rolls

Page 6



Owner

Net Total

Assessed

074-130-320 383 Walsh Rd (Continued)Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

2009 383 Associates Llc 0 0 17,788,800 0 102,000 17,686,800 2010 383 Associates Llc 0 0 21,330,867 0 3,685,985 17,644,882 2011 383 Associates Llc 0 0 18,500,000 0 3,197,000 15,303,000 2012 383 Associates Llc 0 0 27,908,301 0 9,775,000 18,133,301

Owner

Net Total

Assessed

073-182-110 150 Alta Vista Dr Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

2010 A Sugar Pine Llc 0 0 6,100,000 0 100,000 6,000,000 2011 A Sugar Pine Llc 0 0 6,300,000 0 300,000 6,000,000 2012 A Sugar Pine Llc 0 0 14,467,619 0 5,900,000 8,567,619

Owner

Net Total

Assessed

070-131-010 (No Situs) Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Russell Madeleine Haas Trust 0 0 102,437 0 0 102,437 2000 Russell Madeleine Haas Trust 0 0 104,485 0 0 104,485 2001 Russell Madeleine Haas Trust 0 0 106,574 0 0 106,574 2002 Russell Madeleine Haas Trust 0 0 108,705 0 0 108,705 2003 Russell Madeleine Haas Trust 0 0 110,879 0 0 110,879 2004 Russell Madeleine Haas Trust 0 0 112,949 0 0 112,949 2005 Russell-Shapiro Alice; Russell Charles Phillips 0 0 115,207 0 0 115,207 2006 Russell-Shapiro Alice; Russell Charles Phillips 0 0 117,511 0 0 117,511 2007 Russell-Shapiro Alice; Russell Charles Phillips 0 0 119,861 0 0 119,861 2008 Pine Brook Llc 0 0 122,258 0 0 122,258 2009 Pine Brook Llc 0 0 124,703 0 0 124,703 2010 Pine Brook Llc 0 0 124,407 0 0 124,407 2011 237 Atherton Avenue Llc 0 0 125,343 0 0 125,343 53,000,000F

2012 237 Atherton Avenue Llc 0 0 7,600,000 0 0 7,600,000

Owner

Net Total

Assessed

070-040-490 246 Atherton Ave Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Seton Rosalie H Trust Et Al 0 0 224,260 0 92,274 131,986 2000 Seton Rosalie H Trust Et Al 0 0 228,744 0 94,119 134,625 2001 Seton Rosalie H Trust Et Al 0 0 233,318 0 96,001 137,317 2002 Seton Rosalie H Trust Et Al 0 0 237,984 0 97,921 140,063 2003 Seton Rosalie H Trust Et Al 0 0 242,743 0 99,879 142,864 2004 Seton Rosalie H Trust Et Al 0 0 247,274 0 101,743 145,531 2005 Seton Rosalie H Trust Et Al 0 0 252,218 0 103,777 148,441 2006 Seton Rosalie H Trust Et Al 0 0 257,261 0 105,852 151,409 2007 Seton Rosalie H Trust Et Al 0 0 262,406 0 107,969 154,437

2008 Seton Rosalie H Trust Et Al 0 0 267,653 0 110,128 157,525 2009 Seton Rosalie H Trust Et Al 0 0 273,005 0 112,330 160,675 2010 Roth Lois Arnstein Trust; Arnstein Timothy Trust 0 0 272,357 0 112,063 160,294 2011 246 Atherton Avenue Llc 0 0 274,407 0 112,906 161,501 2012 246 Atherton Avenue Llc 0 0 7,500,000 0 0 7,500,000


Page 7



Owner

Net Total

Assessed

070-022-690 5 Betty Ln Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Silvestri Philip And Olga C Trust 0 14,000 436,944 0 357,821 79,123 2000 Silvestri Philip And Olga C Trust 0 7,000 445,682 0 364,977 80,705 2001 Silvestri Philip And Olga C Trust 0 7,000 454,595 0 372,276 82,319 2002 Silvestri Philip And Olga C Trust 0 7,000 463,686 0 379,721 83,965 2003 Silvestri Philip And Olga C Trust 0 7,000 472,959 0 387,315 85,644 2004 Silvestri Olga C Trust 0 7,000 481,788 0 394,546 87,242 2005 Movassate Manoutchehr; Movassate Jaleh 0 7,000 491,422 0 402,436 88,986 4,200,000T

2006 Movassate Manoutchehr; Movassate Jaleh 0 0 4,284,000 0 51,000 4,233,000 2007 Movassate Manoutchehr; Movassate Jaleh 0 0 4,369,680 0 52,020 4,317,660 2008 Movassate Manoutchehr; Movassate Jaleh 0 0 4,457,073 0 53,060 4,404,013 2009 Movassate Jaleh Trust; Movassate Manoutchehr Trust 0 0 4,492,093 0 0 4,492,093 2010 Movassate Jaleh Trust; Movassate Manoutchehr Trust 0 0 5,383,996 0 902,550 4,481,446 2011 Movassate Jaleh Trust; Movassate Manoutchehr Trust 0 0 5,915,191 0 1,400,000 4,515,191 2012 Movassate Jaleh Trust; Movassate Manoutchehr Trust 0 0 13,005,494 0 8,400,000 4,605,494

Owner

Net Total

Assessed

070-250-410 85 Isabella Ave Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

2006 Pacific Isabella Partners 0 0 8,955,355 0 0 8,955,355 2007 Applegate Brion B And Sabrina R 0 0 11,210,000 0 500,000 10,710,000 10,500,000T

2008 Applegate Brion B; Applegate Sabrina R 0 0 18,177,900 0 837,900 17,340,000 2009 Applegate Brion B; Applegate Sabrina R 0 0 24,886,800 0 7,200,000 17,686,800 2010 Applegate Brion B; Applegate Sabrina R 0 0 24,827,818 0 7,182,936 17,644,882 2011 Applegate Brion B; Applegate Sabrina R 0 0 25,014,770 0 7,237,023 17,777,747 2012 Applegate Brion B; Applegate Sabrina R 0 0 18,048,410 0 7,381,763 10,666,647

Owner

Net Total

Assessed

070-380-080 1 Stern Ln Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Leclaire Norma G And D G Trust; Leclaire Harry Edward Trust 0 14,000 1,852,336 0 926,168 926,168 2000 Leclaire Norma G And D G Trust; Leclaire Harry Edward Trust 0 7,000 1,889,382 0 944,691 944,691 2001 Leclaire Norma G And D G Trust; Leclaire Harry Edward Trust 0 7,000 1,927,168 0 963,584 963,584 2002 Leclaire Norma G And D G Trust; Leclaire Harry Edward Trust 0 7,000 1,965,710 0 982,855 982,855 2003 Leclaire Norma G And D G Trust; Leclaire Harry Edward Trust 0 7,000 2,005,024 0 1,002,512 1,002,512 2004 Leclaire Norma G And D G Trust; Leclaire Harry Edward Trust 0 7,000 2,042,456 0 1,021,228 1,021,228 2005 Leclaire Norma G And D G Trust; Leclaire Harry Edward Trust 0 7,000 2,083,304 0 1,041,652 1,041,652 2006 Leclaire Norma G And D G Trust; Leclaire Harry Edward Trust 0 7,000 2,124,970 0 1,062,485 1,062,485 2007 Leclaire Norma G And D G Trust; Leclaire Harry Edward Trust 0 7,000 2,167,468 0 1,083,734 1,083,734 2008 Leclaire Norma G And D G Trust; Leclaire Harry Edward Trust 0 7,000 2,210,816 0 1,105,408 1,105,408 2009 Mrft Llc 0 7,000 2,255,032 0 1,127,516 1,127,516 3,800,000F

2010 Mrft Llc 0 0 3,800,000 0 50,000 3,750,000

2011 Mrft Llc 0 0 4,128,237 0 350,000 3,778,237 2012 Mrft Llc 0 0 11,053,801 0 7,200,000 3,853,801

Owner

Net Total

Assessed

070-211-520 162 Isabella Ave Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear


Page 8



Owner

Net Total

Assessed

070-211-520 162 Isabella Ave (Continued)Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

2005 Ranadive Deborah E 0 7,000 8,024,578 0 2,551,715 5,472,863 2006 Ranadive Deborah E 0 7,000 8,185,069 0 2,602,749 5,582,320 2007 Addicott Deborah E Trust; Addicott Deborah E Trust 0 7,000 8,348,769 0 2,654,803 5,693,966 2008 Taweel 1998 Family Trust 0 7,000 8,515,744 0 2,707,899 5,807,845 2009 Taweel 1998 Family Trust 0 7,000 8,686,057 0 2,762,056 5,924,001 12,900,000F

2010 Bagatelle Investors Llc 0 0 12,869,426 0 6,434,713 6,434,713 2011 Bagatelle Investors Llc 0 0 12,966,333 0 100,514 12,865,819 2012 Bagatelle Investors Llc 0 0 19,723,135 0 6,600,000 13,123,135

Owner

Net Total

Assessed

059-292-140 150 Almendral Ave Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Rick Bell Builders Inc Et Al 0 0 2,207,663 0 129,862 2,077,801 2000 Rick Bell Builders Inc Et Al 0 0 2,251,816 0 132,459 2,119,357 2001 Rick Bell Builders Inc Et Al 0 0 2,296,852 0 135,108 2,161,744 2002 Rick Bell Builders Inc Et Al 0 0 2,342,788 0 137,810 2,204,978 2003 Rick Bell Builders Inc Et Al 0 0 2,389,643 0 140,566 2,249,077 2004 Rick Bell Builders Inc Et Al 0 0 2,434,257 0 143,190 2,291,067 2005 Rick Bell Builders Inc Et Al 0 0 2,482,941 0 146,053 2,336,888 2006 Rick Bell Builders Inc Et Al 0 0 2,532,599 0 148,974 2,383,625 2007 Rick Bell Builders Inc Et Al 0 0 2,583,250 0 151,953 2,431,297 2008 Rick Bell Builders Inc Et Al 0 0 2,634,914 0 154,992 2,479,922 2009 Rick Bell Builders Inc Et Al 0 0 2,529,520 0 0 2,529,520 2010 Rick Bell Builders Inc Et Al 0 0 2,523,525 0 0 2,523,525 2011 Brookvale Investments Lp 0 0 2,542,527 0 0 2,542,527 9,000,000F

2012 Brookvale Investments Lp 0 0 9,000,000 0 0 9,000,000

Owner

Net Total

Assessed

070-330-070 224 Park Ln Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Lucas Donald L Trust 0 14,000 386,279 0 276,499 109,780 2000 Lucas Donald L Trust 0 7,000 394,003 0 282,028 111,975 2001 Lucas Donald L Trust 0 7,000 401,882 0 287,668 114,214 2002 Lucas Donald L Trust 0 7,000 409,919 0 293,421 116,498 2003 Lucas Donald L Trust 0 7,000 418,116 0 299,289 118,827 2004 Lucas Donald L Trust 0 7,000 425,921 0 304,876 121,045 2005 Lamb Partners Llc Et Al 0 0 4,775,000 0 2,387,500 2,387,500 2006 224 Park Lane Llc 0 0 4,810,000 0 220,000 4,590,000 2007 224 Park Lane Llc 0 0 6,081,800 0 1,400,000 4,681,800 2008 Lamb Randolph F Trust; Lamb Lisa Carey Trust 0 0 9,263,436 0 4,488,000 4,775,436 2009 Lamb Randolph F Trust; Lamb Lisa Carey Trust 0 7,000 9,448,704 0 4,577,760 4,870,944

2010 Atherton 224 Park Lane Llc 0 7,000 9,426,309 0 4,566,910 4,859,399 2011 Atherton 224 Park Lane Llc 0 7,000 9,497,288 0 4,601,298 4,895,990 15,500,000F

2012 Atherton 224 Pk Lane Llc 0 0 15,810,000 0 7,905,000 7,905,000


Page 9



Owner

Net Total

Assessed

070-342-280 289 Park Ln Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

2000 Hughmanick Dorothy D Trust 0 7,000 162,545 0 70,023 92,522 2001 Hughmanick Dorothy D Trust 0 7,000 165,795 0 71,423 94,372 2002 Hughmanick Michael Dennis Trust; Hughmanick Douglas Dalton Trust 0 7,000 169,110 0 72,851 96,259 2003 Hughmanick Michael Dennis Trust; Hughmanick Douglas Dalton Trust 0 7,000 172,492 0 74,308 98,184 2004 Hughmanick Michael Dennis Trust; Hughmanick Douglas Dalton Trust 0 7,000 175,712 0 75,695 100,017 2005 Hughmanick Michael Dennis Trust; Hughmanick Douglas Dalton Trust 0 7,000 179,225 0 77,208 102,017 2006 Hughmanick Michael Dennis Trust; Hughmanick Douglas Dalton Trust 0 7,000 182,809 0 78,752 104,057 2007 Hughmanick Michael Dennis Trust; Hughmanick Douglas Dalton Trust 0 7,000 186,465 0 80,327 106,138 2008 Hughmanick Michael Dennis Trust; Hughmanick Douglas Dalton Trust 0 7,000 190,193 0 81,933 108,260 2009 Hughmanick Michael Dennis Trust; Hughmanick Douglas Dalton Trust 0 7,000 193,996 0 83,571 110,425 2010 Hughmanick Michael Dennis Trust; Hughmanick Douglas Dalton Trust 0 7,000 193,535 0 83,372 110,163 2011 Thangaraj Immanuel And Preetha R 0 7,000 194,991 0 83,999 110,992 6,500,000F

2012 Thangaraj Immanuel; Thangaraj Preetha R 0 0 6,500,000 0 50,000 6,450,000

Owner

Net Total

Assessed

070-211-400 98 Stevenson Ln Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Black Dawn Yates Trust 0 14,000 837,046 0 626,837 210,209 2000 Black Dawn Yates Trust 0 7,000 853,786 0 639,373 214,413 2001 Black Dawn Yates Trust 0 7,000 870,861 0 652,160 218,701 2002 Black Dawn Yates Trust 0 7,000 888,278 0 665,203 223,075 2003 Black Dawn Yates Trust 0 7,000 906,043 0 678,507 227,536 2004 Black Dawn Yates Trust 0 7,000 922,958 0 691,174 231,784 2005 Black Dawn Yates Trust 0 7,000 941,416 0 704,997 236,419 2006 Black Dawn Yates Trust 0 7,000 960,243 0 719,096 241,147 2007 Black Dawn Yates Trust 0 7,000 979,446 0 733,477 245,969 2008 Hammarskjold P And A 1998 Trust 0 7,000 999,034 0 748,146 250,888 2009 Hammarskjold P And A 1998 Trust 0 7,000 1,019,013 0 763,108 255,905 6,800,000F

2010 Hammarskjold Philip; Hammarskjold Alicia 0 0 6,450,000 0 40,000 6,410,000 2011 Hammarskjold Philip; Hammarskjold Alicia 0 0 7,200,000 0 1,200,000 6,000,000 2012 Hammarskjold Philip; Hammarskjold Alicia 0 0 13,460,403 0 6,540,000 6,920,403

Owner

Net Total

Assessed

070-342-170 253 Park Ln Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Ruffo Albert J Trust; Ferrari Jr Clarence J Trust 0 0 386,737 0 287,593 99,144 2000 Ruffo Albert J Trust; Ferrari Jr Clarence J Trust 0 0 394,470 0 293,344 101,126 2001 Ruffo Albert J Trust; Ferrari Jr Clarence J Trust 0 0 402,358 0 299,210 103,148 2002 Walsh Linda R Trust Et Al 0 0 410,404 0 305,194 105,210 2003 Walsh Linda R Trust Et Al 0 0 418,611 0 311,297 107,314 2004 Walsh Linda R Trust Et Al 0 0 426,425 0 317,108 109,317

2005 Walsh Linda R Trust Et Al 0 0 434,953 0 323,450 111,503 2006 Walsh Linda R Trust Et Al 0 0 443,652 0 329,919 113,733 2007 Walsh Linda R Trust Et Al 0 0 452,524 0 336,517 116,007 2008 Walsh Linda R Trust Et Al 0 0 461,574 0 343,247 118,327 2009 Walsh Linda R Trust Et Al 0 0 470,804 0 350,111 120,693


Page 10



Owner

Net Total

Assessed

070-342-170 253 Park Ln (Continued)Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

2010 Atherton Properties Llc 0 0 469,687 0 349,281 120,406 2011 Roberts Eric B 0 0 473,223 0 351,911 121,312 6,500,000F

2012 Atherton Properties Llc 0 0 6,528,000 0 0 6,528,000

Owner

Net Total

Assessed

070-180-380 95 Monte Vista Ave Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

2004 Goldman Richard N And R H Trust 0 0 704,201 0 332,777 371,424 2005 Goldman Richard N And R H Trust 0 0 718,284 0 339,432 378,852 2006 Goldman Richard N And R H Trust 0 0 732,649 0 346,220 386,429 2007 Goldman Richard N And R H Trust 0 0 747,301 0 353,144 394,157 2008 Brown Shingles Llc; Goldman Rhoda H Trust 0 0 762,246 0 360,206 402,040 2009 Goldman Richard N Trust; Big Pool Llc 0 0 777,490 0 367,410 410,080 2010 Goldman Richard N Trust; Big Pool Llc 0 0 775,647 0 366,539 409,108 2011 Big Pool Llc 0 0 781,487 0 369,299 412,188 6,400,000F

2012 Big Pool Llc 0 0 6,798,553 0 688,340 6,110,213

Owner

Net Total

Assessed

070-080-050 127 Tuscaloosa Ave Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Phillips David H And Judy L 0 14,000 1,685,056 0 892,089 792,967 2000 Phillips David H And Judy L 0 7,000 1,718,756 0 909,930 808,826 2001 Phillips David H And Judy L 0 7,000 1,753,130 0 928,128 825,002 2002 Phillips David Harrison Trust; Phillips Judy Lee Trust 0 7,000 1,788,192 0 946,690 841,502 2003 Phillips David Harrison Trust; Phillips Judy Lee Trust 0 7,000 1,823,955 0 965,623 858,332 2004 Phillips David Harrison Trust; Phillips Judy Lee Trust 0 7,000 1,858,008 0 983,651 874,357 2005 Phillips David Harrison Trust; Phillips Judy Lee Trust 0 7,000 1,895,168 0 1,003,324 891,844 2006 Phillips David Harrison Trust; Phillips Judy Lee Trust 0 7,000 1,933,070 0 1,023,390 909,680 2007 Phillips Judy Lee Trust 0 7,000 1,971,730 0 1,043,857 927,873 2008 Pacific Peninsula Group 0 7,000 2,011,164 0 1,064,734 946,430 8,000,000F

2009 Hurd Family Trust 0 0 7,800,000 0 50,000 7,750,000 6,000,000F

2010 Hurd Mark V Trust; Hurd Paula R Trust 0 0 6,060,725 0 60,725 6,000,000 2011 Hurd Mark V Trust; Hurd Paula R Trust 0 0 8,445,180 0 2,400,000 6,045,180 2012 Hurd Mark V Trust; Hurd Paula R Trust 0 0 14,011,083 0 7,845,000 6,166,083

Owner

Net Total

Assessed

070-201-030 92 Faxon Rd Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Janss Elizabeth 0 0 2,900,000 0 1,450,000 1,450,000 2000 Roosevelt Michael A Trust; Von Simson Paula L E 0 0 2,958,000 0 1,479,000 1,479,000 2001 Roosevelt Michael A Trust; Von Simson Paula L E 0 0 3,017,160 0 1,508,580 1,508,580 2002 Roosevelt Michael A Trust; Von Simson Paula L E 0 0 3,077,502 0 1,538,751 1,538,751

2003 Roosevelt Michael A Trust; Von Simson Paula L E 0 0 3,139,052 0 1,569,526 1,569,526 2004 Roosevelt Michael A Trust; Von Simson Paula L E 0 0 3,197,658 0 1,598,829 1,598,829 2005 Roosevelt Michael A Trust; Von Simson Paula L E 0 0 3,261,610 0 1,630,805 1,630,805 2006 Roosevelt Michael A Trust; Von Simson Paula L E 0 0 3,326,842 0 1,663,421 1,663,421 2007 Roosevelt Michael A Trust; Von Simson Paula L E 0 0 3,393,378 0 1,696,689 1,696,689


Page 11



Owner

Net Total

Assessed

070-201-030 92 Faxon Rd (Continued)Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

2008 Roosevelt Michael A Trust; Von Simson Paula L E 0 0 3,461,244 0 1,730,622 1,730,622 2009 Pacific Peninsula Group 0 0 3,530,468 0 1,765,234 1,765,234 2010 Yellowtail Llc 0 0 3,522,100 0 1,761,050 1,761,050 5,400,000F

2011 Yellowtail Llc 0 0 5,339,909 0 0 5,339,909 8,250,000F

2012 Yellowtail Llc 0 0 10,905,000 0 3,000,000 7,905,000

Owner

Net Total

Assessed

070-132-020 18 Monte Vista Ave Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Atalla Martin M 0 14,000 772,992 0 411,783 361,209 2000 Atalla Martin M 0 7,000 788,451 0 420,018 368,433 2001 Atalla Martin M 0 7,000 804,219 0 428,418 375,801 2002 Atalla Martin M 0 7,000 820,303 0 436,986 383,317 2003 Atalla Martin M 0 7,000 836,708 0 445,725 390,983 2004 Atalla Martin M 0 7,000 852,328 0 454,046 398,282 2005 Atalla Martin M 0 7,000 869,373 0 463,126 406,247 2006 Atalla Martin M 0 7,000 886,759 0 472,388 414,371 2007 Atalla Martin M 0 7,000 904,493 0 481,835 422,658 2008 Atalla Martin M 0 7,000 922,582 0 491,471 431,111 2009 Pacific Peninsula Group 0 7,000 941,033 0 501,300 439,733 2010 Pacific Peninsula Group 0 7,000 938,801 0 500,111 438,690 4,500,000F

2011 18 Monte Vista Avenue Llc 0 0 4,658,508 0 175,000 4,483,508 2012 18 Monte Vista Avenue Llc 0 0 9,573,178 0 5,000,000 4,573,178 13,780,000F

Owner

Net Total

Assessed

059-302-150 61 Selby Ln Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Hoffman Arthur A And E R Trust 0 14,000 206,418 0 128,391 78,027 2000 Hoffman Arthur A And E R Trust 0 7,000 210,545 0 130,958 79,587 2001 Hoffman Arthur A And E R Trust 0 7,000 214,755 0 133,577 81,178 2002 Hoffman Arthur A And E R Trust 0 7,000 219,049 0 136,248 82,801 2003 Hoffman Arthur A And E R Trust 0 7,000 223,429 0 138,972 84,457 2004 Hoffman Arthur A And E R Trust 0 7,000 227,599 0 141,566 86,033 2005 Hoffman Arthur A And E R Trust 0 7,000 232,150 0 144,397 87,753 2006 Hoffman Arthur A And E R Trust 0 7,000 236,792 0 147,284 89,508 2007 Hoffman A And E Family Trust 0 7,000 241,527 0 150,229 91,298 2008 Hoffman Estelle R Trust 0 0 246,356 0 153,233 93,123 2009 Fluegel Trust 0 0 251,282 0 156,297 94,985 2,350,000F

2010 Fluegel Frederick K Trust; Fluegel Trust 0 0 2,350,000 0 50,000 2,300,000 2011 Cyrus Michael J Trust; Cyrus Mariet Trust 0 0 2,817,319 0 500,000 2,317,319 7,400,000F

2012 Cyrus Michael J Trust; Cyrus Mariet Trust 0 7,000 7,400,000 0 3,700,000 3,700,000

Owner

Net Total

Assessed

070-022-710 228 Polhemus Ave Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Miller Thormund A And Hannah A 0 14,000 237,134 0 164,284 72,850 2000 Miller Thormund A And Hannah A 0 7,000 241,876 0 167,569 74,307


Page 12



Owner

Net Total

Assessed

070-022-710 228 Polhemus Ave (Continued)Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

2001 Miller Thormund A And Hannah A 0 7,000 246,713 0 170,920 75,793 2002 Miller Thormund A And Hannah A 0 7,000 251,646 0 174,338 77,308 2003 Miller Thormund A And Hannah A 0 7,000 256,678 0 177,824 78,854 2004 Miller Thormund A And Hannah A 0 7,000 261,469 0 181,143 80,326 2005 Miller Thormund A Trust; Miller Trust 0 7,000 266,697 0 184,765 81,932 2006 Miller Thormund A Trust; Miller Trust 0 7,000 272,030 0 188,460 83,570 2007 Miller Thormund A Trust; Miller Trust 0 7,000 277,470 0 192,229 85,241 2008 Birkhofer Wendell W Trust; Birkhofer Celeste P Trust 0 7,000 283,018 0 196,073 86,945 4,600,000F

2009 Birkhofer Wendell W Trust; Birkhofer Celeste P Trust 0 0 4,600,000 0 50,000 4,550,000 2010 Birkhofer Wendell W Trust; Birkhofer Celeste P Trust 0 0 3,776,300 0 76,300 3,700,000 2011 Birkhofer Wendell W Trust; Birkhofer Celeste P Trust 0 0 4,000,000 0 750,000 3,250,000 2012 Birkhofer Wendell W Trust; Birkhofer Celeste P Trust 0 5,600 8,414,863 0 3,750,000 4,664,863

Owner

Net Total

Assessed

070-011-280 311 Stockbridge Ave Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Roizen Jo Ann H; Mohler David G 0 14,000 1,000,747 0 534,548 466,199 2000 Roizen Jo Ann H; Mohler David G 0 7,000 1,020,760 0 545,238 475,522 2001 Roizen Jo Ann Heidi Trust; Mohler David G Trust 0 7,000 1,041,174 0 556,142 485,032 2002 Roizen Jo Ann Heidi Trust; Mohler David G Trust 0 7,000 1,061,996 0 567,264 494,732 2003 Roizen Jo Ann Heidi Trust; Mohler David G Trust 0 7,000 1,083,235 0 578,609 504,626 2004 Roizen Jo Ann Heidi Trust; Mohler David G Trust 0 7,000 1,454,458 0 940,411 514,047 2005 Roizen Jo Ann Heidi Trust; Mohler David G Trust 0 7,000 1,564,526 0 1,040,199 524,327 2006 Roizen Jo Ann Heidi Trust; Mohler David G Trust 0 7,000 1,595,815 0 1,061,002 534,813 2007 Roizen Jo Ann Heidi Trust; Mohler David G Trust 0 7,000 1,627,730 0 1,082,221 545,509 2008 Roizen Jo Ann Heidi Trust; Mohler David G Trust 0 7,000 1,660,283 0 1,103,864 556,419 2009 Roizen Jo Ann Heidi Trust; Mohler David G Trust 0 7,000 1,693,487 0 1,125,940 567,547 2010 Voorhies D A And N D Family Trust 0 7,000 1,689,471 0 1,123,270 566,201 2011 Voorhies D A And N D Family Trust 0 7,000 1,702,191 0 1,131,727 570,464 5,875,000F

2012 Voorhies Douglas A Trust; Voorhies Nora D Trust 0 0 5,992,500 0 2,996,250 2,996,250

Owner

Net Total

Assessed

070-211-180 99 Edwards Ln Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Von Oech Roger And Wendy Trust 0 14,000 1,166,234 0 646,687 519,547 2000 Von Oech Roger And Wendy Trust 0 7,000 1,189,557 0 659,620 529,937 2001 Von Oech Roger And Wendy Trust 0 7,000 1,213,347 0 672,812 540,535 2002 Von Oech Roger And Wendy Trust 0 7,000 1,237,613 0 686,268 551,345 2003 Von Oech Roger And Wendy Trust 0 7,000 1,262,364 0 699,993 562,371 2004 Von Oech Roger And Wendy Trust 0 7,000 1,285,931 0 713,061 572,870 2005 Von Oech Roger And Wendy Trust 0 7,000 1,311,649 0 727,322 584,327

2006 Von Oech Roger And Wendy Trust 0 7,000 1,337,881 0 741,868 596,013 2007 Von Oech Roger And Wendy Trust 0 7,000 1,364,638 0 756,705 607,933 2008 Von Oech Roger And Wendy Trust 0 7,000 1,391,930 0 771,839 620,091 2009 Von Oech Roger And Wendy Trust 0 7,000 1,419,767 0 787,275 632,492 2010 Anderson Living Trust 0 7,000 1,416,401 0 785,409 630,992


Page 13



Owner

Net Total

Assessed

070-211-180 99 Edwards Ln (Continued)Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

2011 Anderson Living Trust 0 7,000 1,427,066 0 791,323 635,743 5,595,000F

2012 Anderson David L And Lois Trust N A; Von Oech Roger And Wendy Trust 0 0 5,706,900 0 96,900 5,610,000

Owner

Net Total

Assessed

070-131-020 (No Situs) Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Russell Madeleine Haas Trust 0 0 72,865 0 0 72,865 2000 Russell Madeleine Haas Trust 0 0 74,322 0 0 74,322 2001 Russell Madeleine Haas Trust 0 0 75,808 0 0 75,808 2002 Russell Madeleine Haas Trust 0 0 77,324 0 0 77,324 2003 Russell Madeleine Haas Trust 0 0 78,870 0 0 78,870 2004 Russell Madeleine Haas Trust 0 0 80,342 0 0 80,342 2005 Russell-Shapiro Alice; Russell Charles Phillips 0 0 81,948 0 0 81,948 2006 Russell-Shapiro Alice; Russell Charles Phillips 0 0 83,586 0 0 83,586 2007 Russell-Shapiro Alice; Russell Charles Phillips 0 0 85,257 0 0 85,257 2008 Pine Brook Llc 0 0 86,962 0 0 86,962 2009 Pine Brook Llc 0 0 88,701 0 0 88,701 2010 Pine Brook Llc 0 0 88,490 0 0 88,490 2011 237 Atherton Avenue Llc 0 0 89,156 0 0 89,156 53,000,000F

2012 237 Atherton Avenue Llc 0 0 4,300,000 0 0 4,300,000

Owner

Net Total

Assessed

070-212-060 70 Elena Ave Land

Fixtures &

Improvements

Homeowner


Personal


Transfer

AmountYear

1999 Holland Sarah 0 14,000 207,982 0 115,095 92,887 2000 Holland Sarah L Trust 0 7,000 212,140 0 117,396 94,744 2001 Holland Sarah L Trust 0 7,000 216,381 0 119,743 96,638 2002 Holland Sarah L Trust 0 7,000 220,707 0 122,137 98,570 2003 Holland Sarah L Trust 0 7,000 225,120 0 124,579 100,541 2004 Holland Sarah L Trust 0 7,000 229,322 0 126,904 102,418 2005 Holland Sarah L Trust 0 7,000 233,908 0 129,442 104,466 2006 Holland Sarah L Trust 0 7,000 238,585 0 132,030 106,555 2007 Holland Sarah L Trust 0 7,000 243,356 0 134,670 108,686 2008 Holland Sarah L Trust 0 7,000 248,222 0 137,363 110,859 2009 Barics Paul M Trust; Holland Sarah L Trust 0 7,000 253,186 0 140,110 113,076 2010 Barics Paul M Trust; Holland Sarah L Trust 0 7,000 252,585 0 139,777 112,808 2011 Elena Properties Llc 0 7,000 254,486 0 140,829 113,657 4,450,000F

2012 Elena Properties Llc 0 0 4,450,000 0 50,000 4,400,000


Page 14

TRANSFER OF OWNERSHIP (2008 - 2012)


Multifamily, Commercial, Industrial, VacantSingle Family Residential Totals

$

Change

%

Change

Sale

Price

Original

Values

Non SFR

Sales

Total

Sales

Original

Values

Sale

Values

%

Change

%

Change

Sale

Price

Tax

Year

# SFR

Sales

Original

Values

GENERAL FUND Valid Sales Price Analysis

83 $176,907,586$439,893,545 86 $262,985,95920121/1/12-9/30/12

$247,330,786 $420,568,545 3 $15,655,173 $19,325,00070.0% 23.4% 67.3%

Est. Revenue Change: $147,690.03

94 $174,269,838$430,542,000 98 $256,272,16220111/1/11-12/31/11

$246,792,522 $409,111,000 4 $9,479,640 $21,431,00065.8% 126.1% 68.0%


95 $128,872,016$363,264,409 95 $234,392,39320101/1/10-12/31/10

$234,392,393 $363,264,409 0 $0 $055.0% 0.0% 55.0%


68 $67,538,291$286,540,000 70 $219,001,70920091/1/09-12/31/09

$208,036,709 $276,878,000 2 $10,965,000 $9,662,00033.1% -11.9% 30.8%


75 $206,142,696$407,026,909 80 $200,884,21320081/1/08-12/31/08

$182,446,299 $376,776,909 5 $18,437,914 $30,250,000106.5% 64.1% 102.6%


* Sale value is a sum of all Full Value Parcel Sales (Sales not included in the analysis are quitclaim deeds, trust transfers, partial sales, timeshares, multiple parcel transactions and non-reported document number transfers)

Prepared On 11/21/2012 By MV

Page 15 This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & Cone

Datasource: San Mateo County 2008/09 - 2012/13 Secured Tax Roll And County Recorder

SALES VALUE HISTORY


Single Family Residential Full Value Sales (01/01/1999 - 09/30/2012)

Full Value Sales Median PriceYear Average Price Median % Change

77 $1,824,5641999 $1,660,000

52 $4,042,163 122.89%2000 $3,700,000

29 $2,116,536 -45.95%2001 $2,000,000

34 $2,318,128 -8.63%2002 $1,827,500

35 $2,016,814 1.37%2003 $1,852,500

39 $2,870,871 48.45%2004 $2,750,000

30 $2,493,250 -20.91%2005 $2,175,000

22 $2,887,636 19.54%2006 $2,600,000

16 $3,448,250 20.19%2007 $3,125,000

76 $4,960,354 27.20%2008 $3,975,000

69 $4,018,522 -20.00%2009 $3,180,000

96 $3,784,509 -1.65%2010 $3,127,500

96 $4,269,180 20.70%2011 $3,775,000

83 $5,067,091 1.19%2012 $3,820,000

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Median Price Avg Price

Year

Sa

les

Pri

ce

*Sales not included in the analysis are quitclaim deeds, trust transfers, timeshares, and partial sales.


Prepared On 11/21/2012 By MV Data Source: San Mateo County Recorder

Page 16


SALES HISTORY


Single Family Residential Full Value Sales (01/01/2003 - 09/30/2012)

0

5

10

15

20

25

30

35

Sales

Sale

s

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

2003

Q1

2003

Q2

2003

Q3

2003

Q4

2004

Q1

2004

Q2

2004

Q3

2004

Q4

2005

Q1

2005

Q2

2005

Q3

2005

Q4

2006

Q1

2006

Q2

2006

Q3

2006

Q4

2007

Q1

2007

Q2

2007

Q3

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

Median Price

Period

Med

ian

Sale

s P

rice

*Sales not included in the analysis are quitclaim deeds, trust transfers, timeshares, and partial sales.



Page 17


COMPARISON OF MEDIAN SALE PRICE TO PEAK PRICE

SAN MATEO COUNTY

Single Family Residential Sales (01/01/1999 - 09/30/2012)

Current Median PriceCity

Peak Median Price

Peak Median

Year

% Current Median is Off

Peak

Current Sales Price at Price of

Prior Year

2006 272,500EAST PALO ALTO 2000-57.1% 635,000

2005 408,500~COLMA 2000-49.9% 815,000

2006 429,000DALY CITY 2002-40.0% 715,000

2006 420,000SAN BRUNO 2001-39.1% 690,000

2006 440,000SOUTH SAN FRANCISCO 2002-37.7% 706,500

2006 475,000PACIFICA 2003-30.6% 684,000

2007 575,000SAN MATEO 2004-26.3% 780,500

2006 525,750BRISBANE 2004-24.4% 695,500

2005 640,000HALF MOON BAY 2004-22.7% 828,000

2008 780,000SAN MATEO COUNTY 2005-19.2% 965,000

2008 2,150,000WOODSIDE 2008-18.9% 2,650,000

2008 680,000FOSTER CITY 2005-15.5% 805,000

2007 810,000SAN CARLOS 2005-14.9% 951,750

2007 1,060,000BURLINGAME 2005-12.4% 1,209,750

2006 857,000MILLBRAE 2005-11.2% 965,000

2008 2,645,227PORTOLA VALLEY 2008-8.8% 2,900,500

2007 735,000REDWOOD CITY 2005-8.0% 799,000

2008 2,490,000HILLSBOROUGH 2008-6.2% 2,653,500

2007 875,000BELMONT 2005-5.1% 922,500

2008 3,820,000ATHERTON 2008-3.9% 3,975,000

2008 1,200,000MENLO PARK 2008-3.2% 1,239,500

SAN MATEO * (Entire Region) 2007 785,000 605,000 -22.9% 2004

~City has less than 10 sales in any year.

*Sales not included in the analysis are quitclaim deeds, trust transfers, partial sales, timeshares, multiple parcel transactions and non-reported document number transfers.



Page 18


2012/13 ROLL SUMMARY


Taxable Property Values

Secured Nonunitary Utilities Unsecured

4,234,095,480

2,878,408,622

14,549,673

1,610,135

Aircraft

Fixtures

Personal Property

Improvements

Land

TRAs

Parcels

Values

$7,128,663,910Total Value

0

$7,599,862

0

$0

0 0

17,954

1,394,583

5,190,325

997,000

8

39

0

0

0

0

0 2,619

31

Total Net Value $6,946,927,903

Total Exemptions* $181,736,007

Homeowners* 12,034,400

Aircraft

Fixtures 0

Personal Property 0

Real Estate 181,736,007

Exemptions

0

$5,309,947

$2,289,915

0

0

$0

0

$0

0

0

0

5,309,947

0

0

0

Combined Values Total

Total Values $7,136,263,772

Net Total Values

Total Exemptions

$6,949,217,818

$187,045,954

Net Aircraft Values $0

* Note: Homeowner Exemptions are not included in Total Exemptions

Totals do not Include Aircraft Values or Exemptions



Page 19


2012/13 USE CATEGORY SUMMARY


BASIC PROPERTY VALUE TABLE

Category Parcels RevenueNet Taxable Value

$6,729,129,951 $5,613,965.29 Residential (96.8%) (96.8%)2,485

$0 $0.00 Commercial (0.0%) (0.0%)5

$13,152,305 $11,278.89 Dry Farm (0.2%) (0.2%)1

$0 $0.00 Institutional (0.0%) (0.0%)16

$19,714,011 $17,081.67 Miscellaneous (0.3%) (0.3%)36

$0 $0.00 Recreational (0.0%) (0.0%)2

$168,961,517 $141,125.13 Vacant (2.4%) (2.4%)71

$2,289,915 $1,958.89 Unsecured (0.0%) (0.0%)[39]

$15,970,119 $13,112.43 Unknown (0.2%) (0.2%)3

TOTALS 2,619 $6,949,217,818 $5,798,522.29

96.8%

Residential

2.4%

Vacant

0.7%

Others

Revenue

96.8%

Residential

2.4%

Vacant

0.7%

Others

Net Taxable 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


Page 20


PROPERTY TAX DOLLAR BREAKDOWN


$ 0.01830 Mid-penninsula Regional Open Space

$ 0.01458 Sequoia Hospital D istrict

$ 0.00351 County Harbor District

$ 0.00208 Bay Area, Air Pollution

$ 0.00191 Mosquito Abatement

$ 0.00176 Atherton Channel Drainage

$ 1.0000

$ 0.10510 ERAF Share of San Mateo County

$ 0.1310 San Mateo County

$ 0.1664 Menlo Park City Elementary General

$ 0.01868 ERAF Share of Menlo Park F ire District

$ 0.1383 Menlo Park Fire District

$ 0.1556 Sequoia High General Public

$ 0.01984 ERAF Share of Atherton General Fund

$ 0.0858 Atherton General Fund

$ 0.0676 San Mateo Junior Colllege General Public

$ 0.0352 County Education Tax$ 0.00759 ERAF Share of County Library

$ 0.02683 County Library

ATI (Annual Tax Increment) Ratios for Tax Rate Area 001-001, Excluding Redevelopment Factors & Additional Debt Service


Prepared On 11/21/2012 By MV Data Source: San Mateo County Assessor 2012/13 Annual Tax Increment Tables

Page 21

Sherman Hall

Highlight

Sherman Hall

Highlight

Sherman Hall

Callout

Of every dollar paid by Atherton residents, Menlo Fire receives 13.8 cents. San Mateo County receives 13.1 cents. Atherton's General Fund receives just 8.6 cents. The Fire Department's share exceeds the Town's by over 5 cents! Menlo Fire receives even more than the County Government.

Estimate of Average City Representative Share of the General Levy

REPRESENTATIVE GENERAL LEVY SHARE ESTIMATE

SAN MATEO COUNTY - 2012/13

City Rate* TotalOther Rates*City

East Palo Alto 0.3375 0.3375

Redwood City 0.2588 0.2588

Pacifica 0.2366 0.2366

Daly City 0.2297 0.2297

Hillsborough 0.1871 0.1871

San Mateo 0.1761 0.1761

Burlingame 0.1706 0.1706

South San Francisco 0.1686 0.1686

Brisbane 0.1619 0.1619

Millbrae 0.1579 0.1579

San Bruno 0.1467 0.1467

San Carlos 0.1327 0.1327

Menlo Park 0.1222 0.1222

Atherton 0.1056 0.1056

Belmont 0.0973 0.0973

Half Moon Bay 0.0665 0.0665

Woodside 0.0520 0.0520

Portola Valley 0.0430 0.0430

Colma 0.0000 0.0000

Foster City 0.0000 0.0000

County Average: 0.1425 0.0000 0.1425

*The City tax rate is based on the largest non-redevopment Tax Rate Area in each city; other rates include city-governed overlaying districts such as lighting or maintenance districts.



Page 22


PROPERTY TAX REVENUE - 2012/13Estimated Revenue, Assuming Zero Delinquency

0.102747124 0.000000$7,140,121.47$6,949,217,818 $0.00 $7,140,121.47TOTAL

0.105336342 0.000000$2,289,915UNS

0.000000000 0.000000$0UTIL

0.102746271 0.000000$6,946,927,903SEC

Roll Total RevenueDebt RevenueDebt RateGeneral Fund

RevenueRateNon SA TRAS Taxable Value

General Fund Summary - Non SA TRAs

$7,137,709.36

$2,412.11

$0.00

$0.00

$0.00

$0.00

$7,137,709.36

$2,412.11

$0.00

+ Aircraft $0 $0.00 $0.00 $0.00

Total Before ERAF Adjustment $6,949,217,818 $7,140,121.47 $0.00 $7,140,121.47 0.102747124 0.000000

+ Adjustment for ERAF (From Basic Non-Aircraft Tax Rate Revenue Only) -$1,341,599.18 -$1,341,599.18

$5,798,522.29Non SA TRAs Total $6,949,217,818 $5,798,522.29 0.083441366

+ Aircraft $0 $0.00 $0.00 $0.00$0

Homeowner Exemption revenues are included in the revenue model used for this report

Data Source: San Mateo County Assessor 2012/13 Combined Tax Rolls



Page 23

Top Property Owners Based On Net Values


2012/13 TOP TEN PROPERTY TAXPAYERS

Owner Secured Unsecured Combined Primary Use & Primary AgencyParcels Value ValueParcels Value

% of Net AV

% of Net AV

% of Net AV

237 ATHERTON AVENUE LLC1) 3 $53,000,000 $53,000,000Residential

0.76% 0.76%Atherton General Fund

BITA DARYABARI2) 2 $44,213,657 $44,213,657Residential


GEORGE R. ROBERTS TRUST3) 3 $36,823,956 $36,823,956Residential


383 ASSOCIATES LLC4) 1 $27,908,301 $27,908,301Residential


PACIFIC PENINSULA GROUP5) 5 $27,877,000 $27,877,000Residential


JOSEPH S. LACOB TRUST6) 2 $22,044,436 $22,044,436Residential


ROBERT THOMAS7) 1 $21,013,296 $21,013,296Residential


SHIBUMI LLC8) 1 $20,632,155 $20,632,155Residential


141 TUSCA LLC9) 2 $20,400,000 $20,400,000Residential


DORIS F. FISHER TRUST10) 3 $20,265,875 $20,265,875Residential


0.00% 4.23% $294,178,676$0$294,178,676 0 23Top Ten Total 4.23%

$2,289,915$6,946,927,903City Total $6,949,217,818

Top Owners last edited on 10/9/12 by paulac using sales through 07/12/12


Prepared On 11/21/2012 By MV Data Source: San Mateo County Assessor 2012/13 Combined Tax Rolls and the SBE Non Unitary Tax Roll

Page 24


Top Property Taxpayers Based On Property Tax Revenue


2012/13 TOP 25 PROPERTY TAXPAYERS - SECURED

Owner (Number of Parcels) Assessed ValueEst. Total Revenue

1) 237 ATHERTON AVENUE LLC (3) $45,450.69$53,000,000

2) BITA DARYABARI (2) $37,915.86$44,213,657

3) GEORGE R. ROBERTS TRUST (3) $30,285.58$36,823,956

4) PACIFIC PENINSULA GROUP (5) $23,071.25$27,877,000

5) 383 ASSOCIATES LLC (1) $22,914.38$27,908,301

6) JOSEPH S. LACOB TRUST (2) $18,130.28$22,044,436

7) ROBERT THOMAS (1) $18,020.16$21,013,296

8) SHIBUMI LLC (1) $16,940.23$20,632,155

9) CALIFORNIA WATER SERVICE COMPANY (22) $16,932.48$19,538,026

10) BAGATELLE INVESTORS LLC (1) $16,913.77$19,723,135

11) FAIRVIEW AVENUE HOLDINGS LLC (2) $16,373.90$19,093,588

12) NOAHS PARK PLACE LLC (1) $16,293.64$19,000,000

13) DORIS F. FISHER TRUST (3) $16,282.29$20,265,875

14) 141 TUSCA LLC (2) $16,209.86$20,400,000

15) KENNETH C. KIM TRUST (2) $16,045.57$18,710,717

16) ONE SIX FOUR LLC (1) $15,864.47$18,499,543

17) ERIC ROBERTS TRUST (3) $15,548.06$18,130,577

18) PARKFIELD PROPERTIES HOLDING (2) $15,521.84$18,100,000

19) BRION B. APPLEGATE (1) $15,477.59$18,048,410

20) MAKENA BEACH LLC (1) $15,436.08$18,000,000

21) VIVEK RANADIVE TRUST (1) $14,940.26$17,421,829

22) HOGAR LLC (2) $14,602.84$17,028,365

23) SOMERSET LANE LLC (2) $13,792.31$16,083,200

24) ATHERTON 224 PK LANE LLC (1) $13,558.02$15,810,000

25) HAMID KESHAVARZ TRUST (1) $13,292.18$15,500,000

The 'Est. Total Revenue' for each owner is the estimated revenue for that owner; the 'Est. Incr 1% Revenue' estimated the revenue apportioned as 1% incrementAlthough these estimated calculations are performed on a parcel level, county auitor/contollers' offices neither calculate nor apportion revenures at a parcel level.




Page 25


Top Property Taxpayers Based On Property Tax Revenue


2012/13 TOP 25 PROPERTY TAXPAYERS - UNSECURED

Owner (Number of Parcels) Assessed ValueEst. Total Revenue

1) COMCAST OF CALIFORNIA IX (1) $839.55$979,000

2) OLYMPUS AMERICA (1) $178.39$208,025

3) US BANK NATIONAL ASSOCIATION (1) $164.43$191,738

4) DIRECTV LLC (1) $108.35$126,345

5) DE LAGE LANDEN OPERATIONAL SERVICES (1) $88.02$102,645

6) CISCO SYSTEMS CAPITAL (1) $63.87$74,483

7) ROBERT A. OYSTER TRUST (1) $61.67$71,913

8) F. CLAY JUDD TRUST (1) $38.00$46,278

9) KNOX PLAYSCHOOLS INC (1) $30.34$36,000

10) NATIONAL CONSTRUCTION RENTALS (1) $26.59$31,002

11) ADT SECURITY SERVICES INC (1) $26.19$30,536

12) JAMES FREDERICK WICKETT (1) $25.81$30,101

13) WASH MULTIFAMILY LAUNDRY SYSTEMS (1) $19.93$23,244

14) MARK G. AND NICOLE D. PATTON (1) $19.88$23,145

15) SODEXO AMERICA LLC (1) $18.41$21,473

16) NF LEASING INC (1) $17.02$19,851

17) DISH NETWORK LLC (1) $16.73$19,504

18) MANUFACTURERS AND TRADERS TRUST (1) $16.62$19,381

19) RAYMOND ROSENDIN (2) $16.04$18,704

20) HILL ROM COMPANY INC (1) $14.98$17,466

21) CARL O. ROSENDAHL (1) $14.33$17,427

22) TRAVIS A. WALKER (1) $13.94$16,421

23) WILLIAM AND GLORIA KENNETT TRUST (1) $13.60$15,861

24) TIMOTHY C. CRONIN & STEPHEN BECKER (1) $12.73$14,839

25) KNOWLEDGE LEARNING CORPORATION (1) $11.74$14,293

The 'Est. Total Revenue' for each owner is the estimated revenue for that owner; the 'Est. Incr 1% Revenue' estimated the revenue apportioned as 1% incrementAlthough these estimated calculations are performed on a parcel level, county auitor/contollers' offices neither calculate nor apportion revenures at a parcel level.




Page 26


SBE ASSESSED NONUNITARY UTILITIES - 2012/13 TAX YEAR


Company Parcels Map Number TRA Owner Total ValueLand Value

Improvement Value

Personal PropertyParcel

Company Parcel

This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & ConePrepared On 11/21/2012 By MV Data Source: State Board of Equalization 2012/13 Utility Tax Rolls

Page 27


2012/13 PARCEL CHANGE LISTING


TRA Use CategoryDropped Net Total

Value

Added Net Total

ValueSitusOwnerDropped Parcel Added Parcel

001-020 $1,425,000 $0317 Walsh Rd Tully Timothy; Tully Jennifer074-012-360 Residential

001-020 $0 $801,250317 Walsh Rd Tully Timothy; Tully Jennifer074-012-460

001-020 $0 $701,250317 Walsh Rd Tully Timothy; Tully Jennifer074-012-470

$1,425,000 $1,502,5001 Dropped Parcels 2 Added Parcels Totals:


Prepared On 11/21/2012 By MV Data Source: San Mateo County Assessor 2011/12 And 2012/13 Secured Tax Rolls

Page 28

FORECLOSURE ACTIVITY


Real Estate Owned by Lender Increase

Notices of Trustee's Sale Filed

Notices of Default Filed

Total Foreclosure Activity

% of Households

4 1 0Mar - 2011 5 0.2% 2 1 0Apr - 2011 3 0.1% 0 0 0May - 2011 0 0.0% 4 5 1Jun - 2011 10 0.4% 1 1 1Jul - 2011 3 0.1% 0 1 0Aug - 2011 1 0.0% 3 1 0Sep - 2011 4 0.2% 1 1 0Oct - 2011 2 0.1% 2 0 0Nov - 2011 2 0.1% 2 3 0Dec - 2011 5 0.2% 0 0 2Jan - 2012 2 0.1% 1 0 0Feb - 2012 1 0.0% 1 1 3Mar - 2012 5 0.2% 1 2 0Apr - 2012 3 0.1% 0 0 0May - 2012 0 0.0% 3 0 0Jun - 2012 3 0.1% 0 0 0Jul - 2012 0 0.0% 0 2 0Aug - 2012 2 0.1% 0 0 0Sep - 2012 0 0.0%

0

1

2

3

4

5

Jan

- 200

6

Mar

- 20

06

May

- 20

06

Jul -

200

6

Sep -

2006

Nov

- 20

06

Jan

- 200

7

Mar

- 20

07

May

- 20

07

Jul -

200

7

Sep -

2007

Nov

- 20

07

Jan

- 200

8

Mar

- 20

08

May

- 20

08

Jul -

200

8

Sep -

2008

Nov

- 20

08

Jan

- 200

9

Mar

- 20

09

May

- 20

09

Jul -

200

9

Sep -

2009

Nov

- 20

09

Jan

- 201

0

Mar

- 20

10

May

- 20

10

Jul -

201

0

Sep -

2010

Nov

- 20

10

Jan

- 201

1

Mar

- 20

11

May

- 20

11

Jul -

201

1

Sep -

2011

Nov

- 20

11

Jan

- 201

2

Mar

- 20

12

May

- 20

12

Jul -

201

2

Sep -

2012

Notices of DefaultNotices of Trustee’sSale

Real Estate Owned

Period

Co

un

t

NotesForeclosure data is grouped by zip code which may not follow municipal boundaries.Notices of Default: Indicates that the property owner has missed at least one scheduled loan payment.Notice of Trustee’s Sale: A document announcing the public sale of a property to recover debt owed by the owner of the property.Real Estate Owned: Property is now owned by the lender as a result of a foreclosure.


Prepared On 11/21/2012 By MV Data Source: RealtyTrac U.S. Foreclosure Market Report

Page 29


FORECLOSURE ACTIVITY


Description of TermsForeclosureA process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files the necessary documents to begin the foreclosure proceedings.

Notice of Default (NOD)A publicly recorded notice that a property owner has missed scheduled loan payments for a loan secured by a property . Some states require lenders to record a notice of default to begin the foreclosure process.

Lis Pendens (LIS)A publicly recorded notice of a pending lawsuit against a property owner that may affect the ownership of a property . Some states require lenders to file a lis pendens to begin the foreclosure process if a borrower is in default on loan payments.

Notice of Sale (NTS or NFS):A document announcing the public sale of a property to recover a debt owed by the owner of the property . The notice is mailed to parties affected by the sale of a property, advertised in local publications and recorded in public records. Among other information, it provides the date, time and location of the sale.

REO: Real Estate Owned by the lender, this status indicates the property is now owned by the lender or bank as a result of a foreclosure.

LienA legal claim on a property by a lender or other entity that is owed money by the owner of the property . The entity that files the legal claim is called the lien holder. If the owner does not pay off the loan or debt that is owed, the lien holder can take steps to sell or repossess the property to recover the debt owed (foreclosure).

Junior LiensLiens that have a lower priority in terms of their legal claim on a property. The priority is usually determined by the date when the lien was filed. The first lien, or senior lien, against a property is usually the first mortgage or deed of trust recorded when the owner bought the property. Junior liens are typically cleared out at public foreclosure sale, but the purchaser at the sale may be responsible to pay off senior or higher priority liens.

Deed of TrustA legal document that dictates the terms of a loan used to buy a property and transfers the ownership of the property to a third party called a trustee until the loan has been paid in full. The trustee can sell the property to recover the remaining loan balance for the lender if the borrower violates the terms of the loan (i.e. does not make monthly payments).

ReinstatementThe stoppage of foreclosure proceedings and return to the original terms of a loan that occurs when an borrower pays off the amount in default on the loan to bring the loan payments current. The borrower’s chance to reinstate ends before the public foreclosure sale in most states.

Foreclosure Timeline



Page 30


COUNTY FORECLOSURE ACTIVITY

THE COUNTY OF SAN MATEO

Real Estate Owned by Lender Increase *

Notices of Trustee's Sale Filed

Notices of Default Filed

San Mateo

44 11 7Jan - 2005

29 15 4Jul - 2005

41 0 4Jan - 2006

96 17 2Jul - 2006

181 41 1Jan - 2007

66 13 3Jul - 2007

187 47 29Jan - 2008

363 206 185Jul - 2008

343 155 113Jan - 2009

509 317 103Jul - 2009

193 295 152Jan - 2010

221 214 98Jul - 2010

272 250 114Jan - 2011

228 268 75Jul - 2011

200 265 109Jan - 2012

141 149 16Jul - 2012




Page 31




0

100

200

300

400

500

600

Jan

- 200

5

Jul -

200

5

Jan

- 200

6

Jul -

200

6

Jan

- 200

7

Jul -

200

7

Jan

- 200

8

Jul -

200

8

Jan

- 200

9

Jul -

200

9

Jan

- 201

0

Jul -

201

0

Jan

- 201

1

Jul -

201

1

Jan

- 201

2

Jul -

201

2

Notices of DefaultNotices of Trustee’sSale

Real Estate Owned

Period

Co

un

t




Page 32




ChangeJul 12Jul 11ChangeJul 12Jul 11ChangeJul 12Jul 11

Real Estate Owned by Lender Increase

Notices of Trustee's Sale FiledNotices of Default Filed

City Name

0 0 0ATHERTON 1 1 1-100% -100% -100%

4 1 0BELMONT 5 6 2-20% -83% -100%

4 3 2BRISBANE 3 5 0 33% -40% 9,999%

3 3 0BURLINGAME 7 9 2-57% -67% -100%

26 30 4DALY CITY 37 69 22-30% -57% -82%

6 7 0HALF MOON BAY 9 10 1-33% -30% -100%

4 5 0MENLO PARK 10 9 1-60% -44% -100%

3 6 0MILLBRAE 1 6 0 200% 0% 0%

6 16 2PACIFICA 15 20 13-60% -20% -85%

1 0 0PORTOLA VALLEY 1 1 0 0% -100% 0%

21 20 1REDWOOD CITY 39 30 3-46% -33% -67%

14 14 3SAN BRUNO 16 20 10-13% -30% -70%

5 5 0SAN CARLOS 13 3 0-62% 67% 0%

27 19 1SAN MATEO 37 39 9-27% -51% -89%

15 18 3SOUTH SAN FRANCISCO 33 30 8-55% -40% -63%

2 2 0Unincorporated 1 10 3 100% -80% -100%



Page 33



2012/13 SECURED LENDER OWNED LISTINGResidential Parcels In Owner Name Order

Situs AddressOwnerParcel Taxable ValueUse Code Descr. $ Change

%

ChangeTRA

Last Valid

Sale Date

Last Valid

Sale PriceBorel Private Bank And Trust Company070-240-220 $5,700,000RESIDENTIAL MISCELLANEOUS -$3,983,642 -41.1% 5/1/06 $9,000,000001-001

340 El Camino Real Us Bank Na 2007-Ar7 Trust070-103-280 $1,296,678SINGLE FAMILY RESIDENCE $25,424 2.0% 1/29/97 $1,000,000001-011

1 Tallwood Ct Wells Fargo Bank Trust074-040-210 $744,852SINGLE FAMILY RESIDENCE $14,604 2.0%001-020

Records 7,741,530 -3,943,614 10,000,000-33.7% 3

This report is a computer generated listing using common words for banks, mortgage, lending, and savings and loan companies. Some proper names may therefore be included that are not lending

institutions and some lending institutions may not be included. This listing includes sales transactions through 09/30/2012 and may be subject to changes as REO properties are acquired or sold from lending

institutions.

This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & ConePrepared On 11/21/2012 By MV Data Source: San Mateo County Assessor 2012/13 Secured Tax Roll

Page 34

Roll Summary Graph

Displays by value type (land, improvements, personal property, and exemptions) the value deviations between the current tax year and each of the prior 5 tax years. The lower portion of the graph identifies the total assessed value and net taxable assessed value comparisons.

Secured Value Change Listing

The largest valuation deviations - increases and decreases are shown on this graph with APN, Owner Name, Situs Address where available, Current Assessed Value, and Value Increase or Decline.

Secured Value Change History Listing

A review of the top 40 largest parcel deviations over the past 5+ years. It assists in identifying properties, which fail to have exemptions applied before the roll is released; properties that have transferred ownership and sold below their prior assessed value, and distinguishes those owners, which have successfully appealed their property values.

Roll Summary

Report detailing land, improvement, fixtures, personal property, and exemptions for each taxing agency. The value of this report is that city staff can readily see where deviations occur from one year to the next.

City Growth Comparison

This is a countywide report comparing each city’s growth between the two most recent tax years. This report displays both the value change in the Entire City between tax years as well as the percentage growth for every City in the county. If the term “No Data Available” is shown, the City associated with that term is newly incorporated and did not exist in the prior year.

Tax Dollar Breakdown Graph (Color)

The breakdown of the county’s 1% general levy factor file is displayed, with those portions of the tax collected for the City highlighted, for illustrative purposes. This report looks at the largest value, non-redevelopment TRA (tax rate area) as a representative breakdown. In some counties the ERAF (Educational Revenue Augmentation Fund) shift is not calculated on the TRA level.

Property Tax Revenue Calculation

By using the information from the Agency Reconciliation Report, the Base Year Value Report, the County file detailing the breakdown of the 1% General Tax Levy and voter approved debt, the lien date roll is extended, and property tax revenue projections are provided for budgeting purposes.

DESCRIPTION OF PROPERTY TAX REPORTS


Non-Residential New Construction

A listing that calculates non-residential growth for increasing a City's Gann Limitation as a result of Proposition 111.

Category Summary

This table summarizes parcels within the city by use code and provides number of parcels, assessed value and property tax information. The report can be also be prepared for Absentee Owned, Pre Prop 13, or special geographic assembly requested by the city.

Category History Graph

This report graphically displays the historical growth by property category and the breakdown of assessed value by major property categories.

Top Secured Property Owner/Taxpayer Summary

These listings are compiled by a computer sort of all parcels owned by the same individual or group of individuals with a common mailing address. This assembly of parcels provides information about the largest overall secured property owners and/or taxpayers. The Top Ten Property Taxpayers includes the percentage of the entire tax levy attributed to a taxpayer as well as the use code and taxing jurisdiction of the property owner.

SBE Listing

The parcels owned by utility companies, which are not used in the production of the utility, are taxed at the normal rate and are listed on this report.

Secured Parcel Change Listing

This listing details the parcels that were dropped or added between roll years.

Sales-Transfer of Ownership

5-Year summary of sales transactions of SFR, properties other than SFR and all properties detailed by Entire City, General Fund and Combined SAs. This report provides the original assessor’s enrolled value of the properties sold, the sales price paid and the differential value expected to be enrolled for the following tax year. Only full valued sales are tracked in this report.

Sales Listing

Detailed report of sales transactions assembled for Sales-Transfer of Ownership summary above.

Sales-Average/Median Price History

Multi-year summary of the average and median sales prices of full value sales for single family residential transactions.


Page 36

Appeals Impact Projection (L.A., Orange, Riverside, San Bernardino, San Diego, Solano, Alameda)

City or Agency Top 25 Owner Appeals History

This section takes the current year Top 25 Owners and performs the same analysis, which was executed above to calculate the historical experience of successful appeals files by these owners. In most cases, since the Top 25 Owners own the highest valued parcels, their loss experience and reduced values exceed those of the remainder of the city or redevelopment project area in the analysis.

City or Agency Pending Appeals Impact Projection:

The third section of this report looks at the annual success ratios and based on those ratios, calculates the potential assessed value and tax losses of each years’ pending appeals based on that year’s experience. Since many of the appeals filed in the most current year have not yet been scheduled for hearings, we use the city or agency-wide average for all years to calculate the revenue loss for that year.

Tax Increment Projection

Prior year history and future projections are calculated for redevelopment project areas factoring in pass through-agreements, housing set aside amounts and county administrations fees.

General Fund Spreadsheet

This worksheet assists in developing a projection of general fund revenues. The upper portion of the report includes trending information with regards to annual CPI adjustments, value changes as a result of parcel transfers, the impact of successful appeals (in counties were this data is available) and other value increases/decreases over a six-year period. The lower portion of the table allows for staff input and tax calculation.

The HdL Coren & Cone1340 Valley Vista Drive, Suite 200Diamond Bar, California 91765

Phone: 909.861.4335FAX: 909.861.7726E-Mail: [email protected]


Page 37

Summary of December Finance Committee

Documents

Transcript of Summary of December Finance Committee