The San Francisco Giants are hoping they can get a break on their property taxes. AT&T Park is still a fine venue in the baseball world, but the Giants claim the value of their home has fallen below the $200 million the team paid to construct the stadium by the bay.
The San Francisco Chronicle reports the Giants have asked the city of San Francisco to cut property taxes in half for 2011 through 2014, a reduction of approximately $8 million. The Giants are not acting out of line, as any property owner is entitled to the same request under similar circumstances. Whether the city approves of that request or decides to force the Giants to pay the city the $8 million in question remains to be seen. The Giants had the value of their property increased by 97 percent in 2011 by a city assessor. The timing of such an increase is noteworthy, as it came one year after the Giants won the 2010 World Series, snapping a drought that dated back to 1954 in New York.
“We do not believe that this increase is justified, and have exercised our right to have the assessment reviewed by a neutral panel of experts as provided by law,” Giants senior vice president and general counsel Jack Bair said in a statement.
The city of San Francisco and the Giants had a similar dispute more than 10 years ago, when the team argued that it should be refunded property taxes from 2001 to 2003. An appeals board ruled in favor of the Giants, resulting in $3.6 million being refunded back to the team. Following that, the city and team reached an agreement under which the value of the ballpark wouldn’t increase, while the Giants claimed a modest depreciation with each passing year. But that agreement expired in 2013, leading to the current dispute.
So how much disparity is there between what AT&T Park is valued by the city and valued by the Giants? Almost $250 million. According to the Chronicle report, the Giants value the stadium at $158 million while the city believes it carries a value of $407 million.
Speaking of property values in San Francisco, the house made famous by Full House is for sale. Safe to say, the value of that one is not getting any lower.
