GENERAL OBLIGATION BONDS/ASSESSED VALUE TAXES:

AN INEQUITABLE WAY TO FUND AN EQUITABLE COMMUNITY BENEFIT

The following table sets forth assessed valuation of single family homes for Fiscal Year 2015-16.
CITY OF BURLINGAME
Per Parcel 2015-16 Assessed Valuation of Single Family Homes

Single Family Residential

No. of
Parcels
5,958

2015-16
No. of
Assessed Valuation
Parcels (1)
$0 - $99,999
277
$100,000 - $199,999
923
$200,000 - $299,999
340
$300,000 - $399,999
372
$400,000 - $499,999
343
$500,000 - $599,999
324
$600,000 - $699,999
300
$700,000 - $799,999
341
$800,000 - $899,999
307
$900,000 - $999,999
313
$1,000,000 - $1,099,999
294
$1,100,000 - $1,199,999
243
$1,200,000 - $1,299,999
230
$1,300,000 - $1,399,999
208
$1,400,000 - $1,499,999
198
$1,500,000 - $1,599,999
181
$1,600,000 - $1,699,999
142
$1,700,000 - $1,799,999
125
$1,800,000 - $1,899,999
97
$1,900,000 - $1,999,999
62
$2,000,000 and greater
338
Total
5,958
(1)

2015-16
Average
Median
Assessed Valuation Assessed Valuation Assessed Valuation
$4,998,956,958
$839,033
$730,468
% of
Cumulative
Total
% of Total
4.649%
4.649%
15.492
20.141
5.707
25.848
6.244
32.091
5.757
37.848
5.438
43.286
5.035
48.322
5.723
54.045
5.153
59.198
5.253
64.451
4.935
69.386
4.079
73.464
3.860
77.325
3.491
80.816
3.323
84.139
3.038
87.177
2.383
89.560
2.098
91.658
1.628
93.286
1.041
94.327
5.673
100.000
100.000%

Total
% of
Cumulative
Valuation
Total
% of Total
$ 23,936,327
0.479%
0.479%
130,649,628
2.614
3.092
85,840,408
1.717
4.810
130,506,453
2.611
7.420
154,968,593
3.100
10.520
178,710,416
3.575
14.095
194,628,962
3.893
17.989
255,634,463
5.114
23.102
260,828,461
5.218
28.320
297,320,208
5.948
34.268
308,220,343
6.166
40.433
279,188,774
5.585
46.018
287,215,137
5.746
51.764
280,419,621
5.610
57.373
285,787,332
5.717
63.090
280,486,307
5.611
68.701
233,761,738
4.676
73.377
217,792,230
4.357
77.734
178,811,778
3.577
81.311
120,694,868
2.414
83.726
813,554,911 16.274
100.000
$4,998,956,958 100.000%

Improved single family residential parcels. Excludes condominiums and parcels with multiple family units.
Source: California Municipal Statistics, Inc.

The city of Burlingame is considering issuing $50 million of general obligation (G.O.) bonds to
fund a new community center and other improvements. The estimated tax per property owner
would be $33 per $100,000 of assessed value. Assessed value is a reflection of WHEN someone
bought their home, not the home's current market value, nor, importantly, one's ability to pay
their fair share of a community-wide investment.
Per the table above, the tax burden among homeowners under a G.O. bond would be
severely skewed, as it would fall mainly on the shoulders of those who purchased their
home s over the past 10-15 years.
As seen in the first two rows/brackets in the table above, there are currently 1,200 single family
residences (SFRs) in Burlingame with an assessed value of $199,000 or less - despite the fact the
current median sales price for a SFR is $1.8 million. And these 1,200 homes represent a
considerable 20.1% of all SFR's in Burlingame!!
Moreover, per the column on the far right of the table, these 1,200 SFRs would carry only
3.1% of the total tax burden (paying a max of only $66 per year). Those with an assessed
value of $1 million or above (i.e., newer home owners) - representing 35% of all SFR's would be carrying approximately 65% of the burden among all SFRs, and would be
paying HUNDREDS of dollars annually.