Miramar Hotel owner Rick Caruso recently came to an agreement with the Santa Barbara County Assessor’s Office for a reduction in property value. While Caruso said the value of the property was $5.5 million, the county had appraised the property at $54.9 million. The two sides stipulated to a value of $30.7 million, which means Caruso will have saved a few hundred thousand dollars this year on taxes. The stipulation doesn’t establish a new base value on the tax roll, so should Caruso seek a reduction next year, he will have to come back to the county with the request.
Caruso Gets Reduction in Miramar Property Value
Thursday, April 26, 2012


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How much did he pay for the property?? Can't we all just negotiate what tax we want to pay? Who is this guy and why is he continually warrant special treatment?
Ken_Volok (anonymous profile)
April 26, 2012 at 1:14 a.m. (Suggest removal)
And he wants no bed tax?
tw1950 (anonymous profile)
April 26, 2012 at 4:49 a.m. (Suggest removal)
This is great news. I hereby declare the value of my home to be $20,000 and my property taxes to be $50 per year. Thanks, Rick, for setting a new standard, and thanks to the SB County Assessor's Office for being so willing to give us poor taxpayers a real break. I'm elated and will look forward to my new-found prosperity. Life is grand!
OwenDell (anonymous profile)
April 26, 2012 at 6:23 a.m. (Suggest removal)
We all can get a reduction in our property taxes if we petition the County Assessor. Caruso is not unique in this. His assessment of the value was quite low, but that's what the Assessor is for.
sbdude (anonymous profile)
April 26, 2012 at 9:03 a.m. (Suggest removal)
Thank you sbdude, for a ray of intelligent observation in this screed of spewing sarcasm.
@the others: instead of whining, go to the assessor and try to get your tax bill reduced.
JohnLocke (anonymous profile)
April 26, 2012 at 9:26 a.m. (Suggest removal)
I think for obvious reasons the assessor doesn't advertise this possibility; thus people who complained can't be called whiners because of not being informed. Don't jump the shark J-L!
Ken_Volok (anonymous profile)
April 26, 2012 at 10:26 a.m. (Suggest removal)
How do you say.... Hypocrite? Out one side of his mouth Caruso keeps telling SB how much money he'll bring in with his way too big unbuilt eyesore resort while out the other side he continually seeks public subsidies. How dumb does he think SB is? How dumb is SB willing to be?
4Oceans (anonymous profile)
April 27, 2012 at 11:19 a.m. (Suggest removal)
So, wait a minute...How long has he owned the place, and what was the purchase price? Under Prop. 13 the assessment on the purchase price can't have increased more than 2% per year since he bought it, during which time it's rotted from deliberate neglect, but he just got a reduction in assessed valuation of about 44%, despite the fact that it has an approved but inactive development plan which should have greatly increased its market value.
To 4Oceans's last question, I'd say, pretty damned dumb.
GregMohr (anonymous profile)
April 27, 2012 at 2:41 p.m. (Suggest removal)
Isn't it his own fault the property is devalued due to neglect?
Ken_Volok (anonymous profile)
April 27, 2012 at 2:51 p.m. (Suggest removal)