Maureen Megowan's Blog

Last night, plans for the development of Grandview Park in the Montemalaga neighborhood and Lower Hesse Park in Rancho Palos Verdes were discussed at the City Council Meeting for Rancho Palos Verdes. The evening was a great step forward in getting a dog park constructed on the Palos Verdes Peninsula.

Approx. 12 people spoke on the City's preliminary design of the parks at Grandview and Lower Hesse Park ( Note: Click on the link and when the plan is displayed, click on the picture to enlarge it ).  Most of the speakers were immediate neighbors of the park concerned with traffic and noise. My husband Bruce and Ruth Shaffer spoke in favor of the dog parks. She emphasized the fact that dog parks are great for drawing people out of their homes and getting together as a community. This comment seemed to resonate with several of the council members.  Bruce presented the council with copies of our petitions that included 814 signatures in favor of a dog park on the Peninsula, with 359 of the signatures being from residents of RPV. He also commented on the fact that the proposed dog parks seemed to be too small and not the optimal size as recommended by several sources which we had read on the Internet, which was 3 acres in size ( 2 acres for large dogs and 1 acre for small dogs).

After all of the public comments were over regarding Grandview and Lower Hesse Park,  Mayor Larry Clark gave a presentation on how the other cities on the Peninsula are now actively working together to construct dog parks on the hill. He said that at a recent meeting of all of the mayors of the 4 Peninsula cities, that they were unanimous in their support for constructing one or more dog parks on the Peninsula. The RPV City Manager also commented that all of the city managers are also supportive of the idea.  Mr. Clark then showed the large stack of dog park petitions Bruce had given him and he submitted them to the city clerk as evidence of the demand for a dog park on the Peninsula. Several of the council members mentioned the large number of emails that they have received over the last 18 months from our supporters.

Each of the other council members then commented, and they all seemed in support of a dog park on the hill, although a couple were firm that certain negative impacts of the dog park ( noise, traffic , etc. ) would need to be mitigated or addressed by staff for a dog park to be constructed at Grandview Park or Lower Hesse Park. They also directed staff to consider doing a survey of other locations within the city that may be appropriate for a dog park location.

One thing that all of the council members emphasized was that these two parks were city parks, meant for active recreational uses for all of the city residents, and were not just local parks meant for the immediate residents, and that although their concerns would be addressed and attempts to mitigate them made, that they all purchased their homes knowing that this was a city park in their immediate neighborhoods. They also stated that although several of the residents commented that they would like to see Grandview Park left in its natural state, that the city currently has over 1,500 acres of nature preserve and dedicated open space, and that this land was purchased years ago by the city for an active city park, and that it should be developed as such.

The city authorized $50,000 to be spent on hiring a designer who would flesh out the proposed design.  They also plan to have future public workshops to discuss the proposed designs. The council members emphasized that this is a first step and that authorizing design work did not mean that the council was endorsing or approving the current design.

We are also continuing to work with the City of Rolling Hills Estates on the possiblity of constructing a dog park on the former Palos Verdes landfill site or at another suitable location within their city. At the RHE Parks and Activities meeting last night two potential locations within RHE for a dog park (which did not include a discussion of the former Palos Verdes landfill site ) were unfortunately voted down. The Palos Verdes landfill site was not discussed, however, and this site will hopefully be put on the agenda for the next committee meeting to discuss.

If you would like to support our efforts to get a dog park constructed on the Palos Verdes Peninsula, please email me at mmegowan@cox.net .

The following are interest rate quotes from Ron Goodlin at Coast Captal Group at ron@coastcapitalgroup.com :

Loan amounts from $150,000-$417,000

 Options:These rates are available at a 1pt origination fee plus standard closing costs. Rates based on fico score ">740", impound account, loan to value "<60%"  and lock period "30 days"...

30yr fixed loan      4.50%                       (4.64% APR)

10/1 ARM fixed      4.0    %                       (4.22% APR)

 5/1 ARM fixed       3.625%                       (3.75% APR)

Loan amouts from $417,000-$729,750..Program is GONE by the end of the year....

 Options:These rates are available at a 1pt origination fee plus standard closing costs. Rates based on fico score ">740", impound account, loan to value "<60%"  and lock period "30 days"...

30yr fixed loan      4.75%                       (4.89% APR)

7/1 ARM fixed       4.0%                            (4.125% APR)

 5/1 ARM fixed      3.625%                        (3.83% APR)

Loan amounts from $729,750- $2,000,000

Options: These rates are available at a 1pt origination fee plus standard closing costs. Rates based on fico score, loan to value, lock period and banking relationship... Potential for Interest only payment..

30yr fixed                  4.875%    1.75Pt's         (5.56% APR)

10/1 ARM fixed         5.5%                              (5.75% APR)

7/1 ARM fixed           5.125                             (5.29% APR)

 5/1 ARM fixed          4.875%                          (4.98% APR)

 3/1 ARM fixed          4.5%                              (4.65% APR)

 Loan amounts from $2,000,000- $10,000,000:

Options: These rates are available at a 1pt origination fee plus standard closing costs. Rates based on fico score, loan to value, lock period and banking relationship... Potential for Interest only payment..

10/1 ARM fixed      5.625%                           (5.75% APR)

7/1 ARM fixed        5.25%                             (5.369% APR)

 5/1 ARM fixed       4.875%                           (5.128% APR)

 3/1 ARM fixed       4.625%                           (4.75% APR)

6 month arm           3.0%                               (5.125%APR)

The original master plan envisioned three major business centers in Malaga Cove, Valmonte, and Lunada Bay, with minor business centers in Margate, Miraleste, and Montemalaga. The Lunada Bay Plaza area was originally going to be constructed at Via Mirola and was to be a grand plaza with several large buildings, but was ultimately constructed on a scaled down basis a bit north at Yarmouth Road.

1920's advertisement for Lunada Bay (Picture Courtesy of Palos Verdes Peninsula Library District). Thisd was the original plan for the Lunada Bay Plaza to be built on Via Mirola.

The only business centers originally planned for the Palos Verdes Project which were constructed were at Malaga Cove, Lunada Bay, and Miraleste.


Original plans for Valmonte Plaza (Picture Courtesy of Palos Verdes Peninsula Library District)

In addition to the early planned districts of Valmonte, Malaga Cove, Margate, Lunada Bay and Miraleste, located in the current City of Palos Verdes Estates,there were several other planned districts, now part of Rancho Palos Verdes, called "Telarana" (near the Point Vicente lighthouse), "Taravel" (near Long Point), "Cabrillo" (near Portuguese Bend) and "Altamira" (near the Peninsula Center shopping center).

For additional information aboutr the history of Palos Verdes, go to HISTORY OF PALOS VERDES ESTATES

MAINTAINING YOUR EXISTING PROPERTY TAX BASIS IF YOU ARE 55 OR OLDER AND SELL YOUR PROPERTY
Proposition 60, passed in 1986, and modified by Proposition 90, passed in 1988, allows "qualified" individuals over the age of 55 to transfer the base year assessed valuation from a former residence ("original property") to a replacement residence, of equal or lesser value and that meet other certain conditions. Link: http://www.smcare.org/library/pdfs/Broch-Props_60-90-110_v_BG-PK.pdf which discusses this issue in detail. Effective January 1, 2007, claims must no longer be filed within 3 years, however if the claim is filed after 3 years, relief will be granted beginning with the calendar year in which the claim was filed. In addition, any upgrades paid by the buyer outside of escrow and not reflected in the sales price must now be reported on the Preliminary Change of Ownership Report so as to be included in the determination of the "equal or lesser value" test.

HOMEOWNER'S EXEMPTION ON PROPERTY TAXES
If you own a home and occupy it as your principal place of residence on January 1, you may apply for an exemption of $7000 off of your assessed value. This will save you over $70 a year on your property taxes. All you need to do is file a simple one page form with the county tax assessors office. For information click on this link at the L.A. county assessors office: http://www.lacountyassessor.com/extranet/guides/exemptions.aspx . For a copy of the form to be filed you must call the L.A. County Tax Assessors office at (213) 974-3211 and request that a form be mailed to you. The form is not available on the internet. If you do not know if you have a homeowners exemption on file, go to the assessormap link in the first paragraph above, and review the property tax information for your property.

PARENT TO CHILD TRANSFER EXEMPTION
Under Propositions 98 and 193, property transferred between parents and children (Proposition 58, effective 1986) and from grandparents to grandchildren (Proposition 193, effective 1996) is not reassessed for property tax purposes. In order to take advantage of this, however, a claim must be filed with the county tax assessors office. The exemption to reassessment is 100% of the assessed value for the parents/grandparents principal residence plus the first $1,000,000 of assessed value for other property transferred. This is, of course, only for California property.See http://www.lacountyassessor.com/extranet/guides/prop58.aspx for additional information on filing this claim. For estate planning purposes, it is important to understand the details of this exemption. For instance, a family home left to several children as tenants-in-common would be eligible, however if some of the children sell their interest to the other child, the property would be reassessed for this interest sold. The exemption is only for parent to child, not child to child. Therefore, it would be advantageous to leave a family home, with a low property tax basis, to one child, and to leave other assets of comparable value to the other children.

DISABLED VETERANS EXCLUSION
If you are a California veteran who is rated 100% disabled, blind, or a paraplegic due to a service-connected disability (or if you are the unmarried widow of such a veteran), you may be eligible for an exemption of up to $150,000 off of the assessed value of your home.

BUILDERS EXCLUSION
Certain new construction may be excluded from supplemental assessment. The property must be for sale and the builder must file the necessary claim form with the Assessor's Office prior to or within 30 days from the start of construction. If the form is not filed, a supplemental assessment is sent to the builder upon completion of construction.

SEVERELY AND PERMANENTLY DISABLED EXCLUSION
A severely and permanently disabled person, who buys a new home, may be able to have his/her old assessed value transferred to the new home. You must file a claim.

DISASTER RELIEF
If a major calamity, such as fire or flooding, damages or destroys your property, you may be eligible for property tax relief. In such cases, the Assessor's Office will reappraise the property to reflect its damaged condition. In addition, when you rebuild it in a like or similar manner, the property will regain its pre-damage valuation basis for tax purposes. To qualify for property tax relief, you must file a Misfortune or Calamity Claim with the Assessor's Office within 12 months* from the date the property was damaged or destroyed. In addition, the loss must exceed $10,000* of current market value.

For more information on Property Taxes for the South Bay of Los Angeles, visit my website at Property Taxes

The following are the steps to appeal your property tax assessment valuation in Los Angeles County:

1) Request the "Application for Changed Assessment" form.

2) You may select to see a Hearing Officer which expedites the appeal process or you may meet directly with the Appeals Board.

3) Mail the Completed Form to:
County of Los Angeles
Assessment Appeals Board
P.O. Box 53596
Los Angeles, CA 90053-0596

4) The Assessment Appeals Office reviews the application.

5) An appointment card will be mailed to you.

6) The Assessment Appeals Board recommends you attend a Public Education Seminar to help you with the Appeals process

6) Bring relevant evidence to support opinion of value.Hearings are conducted on a first come first serve basis. Feel free to contact me to obtain a current comparative market analysis of your property indicating its current value.

7) If you do not agree with the Hearing Officer's Recommendation, you can request a Board hearing within 14 days of the Hearing Officer's hearing date

8)The Board makes final assessment decision and approves or rejects Hearing Officer's Recommendations.

I would be happy to speak with you regarding the appeals process and to help you present your case for a reduction in property valuation. For more info on the appeals process, go to http://bos.co.la.ca.us/categories/propertytaxappeals.htm#

For more information on Property Taxes for the South Bay of Los Angeles, visit my website at Property Taxes 

Property Taxes in the South Bay of Los Angeles County are computed by the standard 1.0% of the property's assessed valuation (in accordance with Proposition 13, a property's assessed valuation is the original purchase price, plus the cost of improvements, based on the value of permits pulled, plus an increase in valuation of 2% per year) plus additional tax rates for voted bonded indebtedness, plus direct assessments such as school parcel taxes. Copies of building permits are sent to the Assessor. New buildings, additions, and other structures require an appraisal. Structural repairs and/or replacement are not appraisable in most situations. The assessed valuation of a property may also be decreased for one or more  exemptions.

The following is the property tax rates and direct assessments for the cities in the South Bay: of Los Angeles

Palos Verdes Estates: The property tax rate for the fiscal year 2009-2010 is 1.055672%  plus direct assessments of approx. $1,400-$1,600 per parcel for such items as school parcel taxes, fire suppression fee, emergency services tax, sewer fees and flood control.

Rancho Palos Verdes: The property tax rate for the fiscal year 2009-2010 is 1.055672%  plus direct assessments of approx. $700-800 per parcel for such items as school parcel taxes, etc.

Rolling Hills Estates and Palos Verdes Peninsula: The property tax rate for the fiscal year 2009-2010 is 1.055672% plus direct assessments of approx. $600-700 per parcel for such items as school parcel taxes, etc.

Rolling Hills: The property tax rate for the fiscal year 2009-2010 is 1.055672% plus direct assessments of approx. $1,700-2,000 per parcel for such items as school parcel taxes, etc.. There is an additional assessment for the Homeowners Association for the City of Rolling Hills of ,2% (two/tenths of one percent) of the assessed value of the property which is billed separately by the Association, with installments due on 12/10 and 4/10. This assessment goes to maintain the private roads, the guard houses and personnel, and other city amenities within this private gated community.

El Segundo: The property tax rate for the fiscal year 2009-2010 is 1.075655%  plus direct assessments of anywhere up to  about $200-$300 per parcel for other misc. local taxes.

Manhattan Beach: The property tax rate for the fiscal year 2009-2010 is 1.059263% plus direct assessments of approx. $500-700 per parcel for such items as school parcel taxes, etc..

Hermosa Beach:  The property tax rate for the fiscal year 2009-2010 is 1.036418%  plus direct assessments of approx. $200-$300 per parcel for such items as school parcel taxes, etc..

Redondo Beach:  The property tax rate for the fiscal year 2009-2010 is 1.074359% plus direct assessments of approx. $500-$1,600 per parcel for such items as school parcel taxes, etc..

Torrance:  The property tax rate for the fiscal year 2009-2010 is 1.075651% plus direct assessments of approx. $300-400 per parcel for such items as school parcel taxes, etc..

San Pedro:  The property tax rate for the fiscal year 2009-2010 is 1.220441%  plus direct assessments of approx. $100-$200 per parcel for such items as school parcel taxes, etc..

Lomita: The property tax rate for the fiscal year 2009-2010 is 1.179221%  plus direct assessments of approx. $400-$500 per parcel for such items as school parcel taxes, etc..

Taxes are assessed for the fiscal year running from July 1st through June 30th, with property tax bills payable in two installments on December 10th and April 10th. If a property changes ownership during the year, a supplemental tax bill will be prepared prorating the tax increase due to a change in valuation over the remainder of the fiscal year. If a change in ownership occurs between January 1 and May 31 this will result  in two supplemental assessments and two supplemental tax bills. The first supplemental bill is for the remainder of the fiscal year in which the event occurred. The second supplemental bill is for the subsequent fiscal year.

ACCESSING PROPERTY TAX ASSESSMENT INFORMATION ON PROPERTIES
Click the link below to visit the L.A. County tax Assessors office web site. Enter an address (or if an address doesn't work, choose two cross streets near the address) and then click on the map parcel to see that parcel's assessed valuation. Then click on the tab for the 2004-2005 property tax bill.  Link: http://assessormap.co.la.ca.us/mapping/viewer.asp

For more information on Property Taxes for the South Bay of Los Angeles, visit my website at Property Taxes

The Terranea Resort in Rancho Palos Verdes is offering camps for kids in various themes including movie production, video game creation, fencing, and Jedi training. Dates for these camps include the following: 2009 Camps: December 19- 23, December 26-30 (no Jedi or Fencing Camp 12/26-30) 2010 Camps: April 5-9, April 12-16, June 14-18 and June 21-25.  The camps include the following:

Movie Production (Grades 7-10)
Film camp in California is perfect for anyone interested in making their own movies. Coordinated by Planet Bravo, students work in small production groups to plan, produce, edit and package their own short movies. All students leave camp with a DVD of their movie. Cost: $495 per student.

Video Game Creation (Grades 4-6):
Also coordinated by Planet Bravo, this camp teaches students how to make their own interactive video game. In a few simple clicks, they assign behaviors and conditions to their objects, and the game comes to life. All students leave this video game camp with their games online and on a USB drive. Cost: $495 per student.

Jedi Training Camp
In partnership with Swordplay Studio in Burbank, Terranea presents Jedi training camp for children ages 4-12. Campers create their own Jedi character and develop their balance and coordination through fun Jedi training games, and lessons in how to wield a light saber. Surprise visits from some of the favorite Star Wars characters, as guest instructors, make this an experience of a lifetime. Cost: $500 per participant.

Fencing Camp
Campers are introduced to one of Hollywood's favorite art forms- fencing! Students receive instruction in footwork and technique, take part in fencing drills and games, learn about the history of fencing and even compete in an in-class fencing tournament. Cost: $380 per participant.

A stay at this Southern California resort is not required to participate in the camps and no experience is necessary. A special $195 per room rate will be offered to all participants during the camp dates. Cost for the camps includes a buffet lunch each day. Reservations can be made at http://www.terranea.com/california-family-vacations.php or by calling (310) 265-2800.

The South Bay Galleria Shopping Center, located west of Hawthorne Boulevard and south of 177th Street unveiled plans for a $32 million renovation of the southern part of the shopping center.

The 11 acrea area today is home to the discount Cinema 3 theater, a Bank of America branch and a building that once housed Thrifty Drug and CompUSA stores. A fenced-off dirt lot behind the theater is all that's left to show of an old bowling alley demolished a few years ago. The owner of the center, South Bay Associates, a subsidiary of Galleria owner Forest City Commercial Group, explained that the renovation will include a nearly 110,000-square-foot complex that incorporates three anchor tenants and six to seven smaller retailers.

 for Daily Breeze

The company's goal is to start work in the second quarter of 2010 and open the new center in the third quarter of 2011, Lee said.

As the SouthBay South project heads through the approval process, Redondo Beach is eager to see the transformation of another nearby retail site: the large building abandoned earlier this year by the closure of the Expo Design Center.

That tract is owned by Home Depot, which is looking to either lease or sell all of its former Expo properties, a company spokeswoman said.

An artist's rendering of the South Bay Galleria remodel.

The kelp beds of Rocky Point off of the Lunada Bay area of Palos Verdes Estates will remain open to fisherman based on a decision of a state panel selected to enforce the Marine Life Protection Act . The panel had selected a compromise plan that had taken into consideration proposals from groups representing both the fisherman as well as conservation groups.

The popular fishing area near Rocky Point would remain open under the latest Blue Ribbon Task Force proposal. (Steve McCrank/Daily Breeze Staff Photographer)

The panel did vote to include areas including portions of  La Jolla, Swami's Reef, Malibu  and Santa Catalina Island, Rocky Point was excluded . Rocky Point is a productive area and receives significant fishing pressure, but closing it to fishing would have dealt an economic blow to Redondo Sportfishing and other landings, and might have caused private fishing boat owners to pull their vessels from King Harbor.

for Daily Breeze

Additional information on this issue may be found at www.easyreadernews.com/story.php?StoryID=20035366 . The plan still must be approved by the California Fish and Game Commission, which will convene on the issue next month.

The Congress recently passed an extension of the increased loan limits passed last year, which increased the limits on the amount of a loan funded or guaranteed by the FHA or Fannie Mae and Freddie Mac in certain high cost areas such as California from the previous $625,500 limit to $729,750. These limits are based on 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The new limits have now been extended through 2010.  The higher limits had been set to expire at the end of 2009 returning back to $625,500.

These increases created a new range of loans called "Super Conforming Loans" or " Conforming Jumbos" from $417,000 to $729,750 (in some cases limited to an upper limit of $625,500). These loans are generally priced only an eighth of a point higher than conforming loans under $417,000.

Jumbo loans in excess of these limits are currently available at rates of aprox. one half point higher.

Interest rates for conforming and jumbo conforming loans are now available for rates of less than 5%.