California Code of Regulations › Title 18 - Public Revenues › Division 1 - State Board of Equalization-Property Tax (California Department of Tax and Fee Administration - Timber Yield Tax, See Chapter 11) › Chapter 3 - Local Equalization › Article 1 - Hearing by County Board › Section 305.1 - Exchange of Information

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Request for Exchange of Information. When the assessed value of the property
				  involved, before deduction of any exemption accorded the property, is $100,000
				  or less, the applicant may file a written request for an exchange of
				  information with the assessor; and when the assessed value before deduction of
				  any exemption exceeds $100,000, either the applicant or the assessor may
				  request such an exchange pursuant to section
				  1606
				  of the Revenue and Taxation Code. The request may be filed with the clerk at
				  the time an application for hearing is filed or may be submitted to the other
				  party and the clerk at any time prior to 30 days before the commencement of the
				  hearing. For purposes of determining the date upon which the exchange was
				  deemed initiated, the date of postmark as affixed by the United States Postal
				  Service, or the date certified by a bona fide private courier service on the
				  envelope or package containing the information shall control. The clerk shall,
				  at the earliest opportunity, forward any request filed with the application or
				  a copy thereof to the other party. The request shall contain the basis of the
				  requesting party's opinion of value for each valuation date at issue and the
				  following data:
(1) Comparable Sales Data. If
				  the opinion of value is to be supported with evidence of comparable sales, the
				  properties sold shall be described by the assessor's parcel number, street
				  address or legal description sufficient to identify them. With regard to each
				  property sold there shall be presented the approximate date of sale, the price
				  paid, the terms of sale (if known), and the zoning of the property.
(2) Income Data. If the opinion of value is
				  to be supported with evidence based on an income study, there shall be
				  presented: the gross income, the allowable expenses, the capitalization method
				  (direct capitalization or discounted cash flow analysis), and rate or rates
				  employed.
(3) Cost Data. If the
				  opinion of value is to be supported with evidence of replacement cost, there
				  shall be presented:
(A) With regard to
				  improvements to real property: the date of construction, type of construction,
				  and replacement cost of construction.
(B) With regard to machinery and equipment:
				  the date of installation, replacement cost, and any history of extraordinary
				  use.
(C) With regard to both
				  improvements and machinery and equipment: facts relating to depreciation,
				  including any functional or economic obsolescence, and remaining economic life.
				  The information exchanged shall provide reasonable notice to the other party
				  concerning the subject matter of the evidence or testimony to be presented at
				  the hearing. There is no requirement that the details of the evidence or
				  testimony to be introduced must be exchanged.