As businesses grow, so does revenue -- Vacaville reaps benefits from uptick in property taxes
By Ines Bebea | Daily Republic | November 12, 2007 22:19
VACAVILLE - With some of Vacaville's top employers in the process of expansion projects, the city is in line to collect more taxes from an old revenue source, commercial and industrial properties.
In a 2007-08 Property Tax Review report, prepared by The HdL Companies, the city experienced a net taxable value increase of 14.1 percent. The growth, which was higher than the 9.3 percent experienced countrywide, increased by a total of $1.4 billion, according to the report.
'What this means for the city is that the we will have more funds for our redevelopment agencies and that we will be able to offer incentives to companies that want to remain in Vacaville or to companies thinking about being in business here,' Vacaville City Councilwoman Pauline Clancy said. 'Our commercial properties are doing quite well.'
The HdL Companies is a Diamond Bar-based firm that assists cities, counties and redevelopment agencies in maximizing revenues through allocation audits, financial and economic analysis.
'Because commercial property taxes are not added to the general fund and instead are used by the redevelopment agencies, we will be able to have more resources for certain areas,' Clancy said. 'It will give the redevelopment agencies of downtown Vacaville and Interstate 80 and Interstate 505 retail areas funds to attract and keep businesses.'
According to the report, the largest assessed increase came from the industrial parcel owned by Genentech. The property was reassessed last year and it added $458 million. Other developments contributing to the increase are Nut Tree Inc. with $76 million and CPG Finance II LP with $32 million.
Reach Ines Bebea at 427-6934 or firstname.lastname@example.org.
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