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Atherton Revenue on a $60 Million Parcel?

Original post made by Ho Cus Po Cus, Atherton: other, on Sep 26, 2011

Here's a parcel that covers the better part of a city block in Atherton:

Web Link

Has it sold?

Since the land has been in the hands of the Levi Strauss family for close to 100 years, it stands to reason it has been covered by Prop 13. The $60 million sale would trigger a re-assessment. If my math is correct, the Town stands to receive an extra $50,000 (approx) per year.

But, if the purchaser sub-divides and redevelops the land, the value could go up considerably. There's probably room for 10 x $10 million Atherton mansions on that parcel. That will drive revenue up even further.

Too bad it wall go to pay for trash collection!

Comments (4)

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Posted by Michael G. Stogner
a resident of another community
on Sep 26, 2011 at 6:16 pm

Ho Cus,

Not sure what that parcel is taxed at currently, but if it sold for $60,000,000 x .01% would be $600,000.00 not $50,000.00


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Posted by Better use of the money
a resident of Atherton: other
on Sep 26, 2011 at 6:29 pm

I think it makes more sense for Atherton to seize this property under the theory of eminent domain, subdivide it into 20 half acre parcels that can each sell for $5M, let Pacific Peninsula Group and Steve Ackley over-build those homes, and split the $100M evenly between Ackley and the police department.


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Posted by Ho Cus Po Cus
a resident of Atherton: other
on Sep 26, 2011 at 8:05 pm

Michael

I'm pretty sure the tax rate to the State is 1%. Atherton gets only a small share of that ... something like 8% or 9% of the 1% amount the owner remits to the State.

$600,000 would solve the trash deficit very quickly ... too good to be true.


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Posted by Sally
a resident of Atherton: Lindenwood
on Sep 26, 2011 at 11:40 pm

Better Use of the Money:
Are you making fun of the Rose Hau spec project on Selby that Peninsula Pacific Group is overbuilding for her on that corner lot? --or do you actually know for a fact that they are also partnering to try for dibs on the 10 acre Atherton Ave property mentioned above?


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