Incorrect assessments of Genentech property values from over 20 years ago means the major biotechnology company is owed nearly $20 million from San Mateo County and its taxing agencies, according to the Controller’s Office.
Headquartered in South San Francisco, Genentech disputed the assessed value of its property between 2000 and 2005. The total tax and interest refund to the company is approximately $19,874,845.32 if paid in full by October, a letter from the Controller’s Office to the county’s taxing agencies reads.
Each taxing agency, which includes San Mateo County and 132 other agencies including cities and school districts, are affected by the refund. Each agency’s respective share of the refund will be deducted from tax apportionments in October and November, the letter said.
The general county tax will apportion $3.9 million, while the smallest agencies owe less than $10. Cities and towns will owe between $3,340 and $402,525, according to the letter.
There are more outstanding claims regarding Genentech property currently under review from between 2006 and 2024, which are not covered in the current settlement amount. The claims for years 2006 to 2018 are expected to be resolved within two years, and could cost approximately $4 million to $5 million, plus interest, the letter said. It is unknown when the claims for the year 2019 to 2024 will be finalized.
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Keep the discussion civilized. Absolutely NO personal attacks or insults directed toward writers, nor others who make comments.
Keep it clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't threaten. Threats of harming another person will not be tolerated.
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Be proactive. Use the 'Report' link on each comment to let us know of abusive posts.
PLEASE TURN OFF YOUR CAPS LOCK.
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