Approve the proposed settlement of the Tax Appeal in San Pedro Apartments Limited Partnership, TX2014-000318 (Assessor parcel No. 107-16-001R), now pending in Arizona Tax Court, a division of the Superior Court of and for Maricopa County.

Taxpayer filed a civil action in Arizona Tax Court asking for a reduction in assessed value from $3,197,394 to no more than $1,500,000 for tax year 2015. After inspecting the property, reviewing the taxpayer’s documentation and other market factors/comparables, the Assessor agrees that the property assessment for Tax Year 2015 should be lowered, and so recommended a settlement offer that lowers the full cash value to $2,140,000 for tax year 2015. In addition, the Assessor recommended a full cash value for tax year 2016 of $2,280,000. The taxpayer has accepted the settlement offer. Fiscal Impact & Funding Sources: Not applicable, no funding sources are required. Fiscal impact will be a slight reduction in the tax base.

Upon approval by the Board, Counsel for the County will sign a stipulation for entry of Judgment that has already been signed by the taxpayer, and will submit a form of Judgment to the Arizona Tax Court disposing of this matter pursuant to the settlement terms.

The County would be subject to continued litigation and risks an Arizona Tax Court ruling in favor of the taxpayer that would significantly reduce the assessed value of the subject property and subject the County to paying Plaintiff’s fees and expenses.

Advise County Attorney's Office - Civil Division upon Board's approval.