UPDATE: Billionaire Developer of the Grove Got Massive Property Reductions from LA County Assessor

Los Cerritos Community News has been told by the Santa Barbara Independent Newspaper that Caruso also flexed his political muscle in Santa Barbara to get a tax reduction.

His proposed hotel, The Miramar, recently came to an agreement with the Santa Barbara County Assessor’s Office for a reduction in property value.

While Caruso and his political strategist Matt Middlebrook, 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. Caruso and company also negotiated to keep the Transient Occupancy Tax, which is 8%.

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.