Caruso Gets Reduction in Miramar Property Value

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.