The Seal Beach 2009/10 property tax roll decreased by less than half a percent, according to HdL Coren and Cone.
Countywide, the decrease was 1.3 percent.
“The assessed value decrease between 2008/09 and 2009/10 was $18.1 million,” according to a recent report by HdL.
“The growth attributed to the accessor granted 2 percent CPI (Consumer Price Index) adjustment was $80.6 million, which was more than offset by reductions caused by properties with declining values,” the report said.
“Magtek Inc. at 1710 Apollo Court also acquired their property in 2008 and the new value on the roll reflects the price paid in the transaction for an increase of $5.6 million,” the report said.
Unfortunately, there were also declines. “The largest declines on both the secured and unsecured tax rolls were posted by Rossmoor Shops LLC at 12451 Seal Beach Blvd.,” according to the HdL Coren & Cone report.
One factor in the decline of the property’s value was the closure of the Circuit City store.
The renovation of that space and the opening of the Marshall’s outlet in the former Circuit City location did not take place until after the release of the 2009/10 tax roll assessments.
As a result, the tax roll reflected a decrease of $13 million on three parcels of land.
“In addition, there were $60.9 million in escaped assessments levied on the unsecured roll for the 2004-2007 tax years resulting in a one-time increase in values and revenue last year,” the report said.
The report went on to say that California home sales have increased for 13 consecutive months. “The median sale price of a single family home in Seal Beach from January through October 2009 was $705,500. This represents a $7,500 (1.1 percent) increase in the median sale price from 2008,” the report said.
While a 1.1 percent increase is slight, this was an improvement over 2008 when the median sales price of Seal Beach homes dropped 12.19 percent from 2007’s median.
Top 10 property taxpayers
According to HdL, the top 10 property taxpayers in Seal Beach are:
1. Seal Beach Mutual, at $998,195.19, representing 12.17 percent of the total. This property is residential.
2. ASN Long Beach LLC, at $835,412.83, representing 10.20 percent. Residential.
3. BixbyBIT-Bixby Office Park, at $180,564.56, representing 2.20 percent. Commercial.
4. Boeing North American, at $120,163.90, representing 1.46 percent. Industrial.
5. Rossmoor Shops LLC, at $102,407.07, representing 1.25 percent. Commercial.
6. OXY Long Beach, at $101,985.78, representing 1.24 percent. Possessory interest.
7. Seal Beach Affordable Housing Corp., at $85,657.57, representing 1.04 percent. Commercial.
8. Hellman Properties, at $82,300.55 representing 1 percent. Possessory interest.
9. AL U.S. Seal Beach Senior Housing, at $63,401.67, representing 0.77 percent. Vacant land.
10. Ranch Town Center LLC, at $58,738.98, representing 0.72 percent. Commercial.
Between them, the top 10 property taxpayers in Seal Beach generated $2,629,828.09 in revenues for the city of Seal Beach.
The 10 property owners paid 32.06 percent of the property taxes in Seal Beach.
