ASSESSOR'S OFFICE - T. SLAVICH
1. Approve retroactive online media subscription renewal with CoStar Realty Information, Inc. for the term of July 1, 2026 through June 30, 2027 for a total amount not to exceed $12,010.14; and
2. Ratify agreements with CoStar Realty information, Inc. from FY 2022-2023 to FY 2025-2026 that were previously approved by the County Executive Officer whereby the cumulative total has now exceeded $40,000.00 for those prior subscription renewals; and
3. Approve Chair, County Executive Officer, or designee to sign agreement.
SBC FILE NUMBER: 7
CONSENT AGENDA
CoStar is a commercial real estate database that most commercial brokers, institutional investors, lenders, and appraisers rely upon when researching properties, preparing valuations, and analyzing market conditions.
For appraisal and assessment purposes, citing CoStar data is generally viewed as relying on a highly respected commercial real estate information source because its information is collected through extensive research, public records, broker interviews, and continuous market verification. While CoStar itself is not an appraisal authority, its market data and comparable sales are routinely used by appraisal professionals, lenders, and government assessors to support valuation analyses.
Although we are a small county, the need for reliable commercial real estate market information is no less important than in larger jurisdictions. In fact, because commercial sales occur less frequently in smaller markets, access to comprehensive market data becomes even more critical.
CoStar is widely recognized as the industry’s leading commercial real estate information and analytics platform. Its database is used by commercial appraisers, lenders, investors, brokers, government agencies, and assessors throughout the United States to research sales, leases, capitalization rates, vacancy trends, and other market information necessary to develop credible opinions of value.
For the Assessor’s Office, CoStar provides several important benefits:
- Improved Valuation Accuracy. Commercial properties often require analysis beyond simple sales comparisons. CoStar provides verified sales, lease, income, expense, and capitalization rate information that supports accurate valuation using accepted appraisal methods.
- Defensible Assessments. Assessment appeals frequently require the Assessor to demonstrate that enrolled values are supported by recognized market evidence. Access to a nationally respected commercial real estate database strengthens the credibility of our analyses before the Appeals Board and, if necessary, the courts.
- Access to Regional Market Data. Commercial sales within our county are often limited. CoStar allows the Assessor’s staff to analyze comparable transactions from surrounding counties and similar markets when local data is insufficient, resulting in more reliable conclusions.
- Operational Efficiency. Without CoStar, staff would spend substantially more time collecting information from multiple public and private sources. The database reduces research time, increases productivity, and allows staff to focus on valuation rather than data collection.
- Consistency and Equity. A comprehensive database helps ensure that commercial properties are valued using consistent market evidence, promoting equitable treatment of taxpayers and compliance with California assessment standards.
The cost of the subscription should be viewed against the financial risk of inaccurate assessments. Even a single complex commercial property, assessment appeal, or litigation matter can involve millions of dollars in assessed value. Having access to reliable market data helps protect the tax roll, supports defensible decisions, and reduces the likelihood of costly valuation errors.
For these reasons, the CoStar subscription is not simply a research convenience; it is an essential professional tool that enables the Assessor’s Office to fulfill its constitutional responsibility to produce fair, equitable, and well-supported property assessments.
The annual subscription cost for CoStar of $12,010.14 is a general fund cost included in the Assessor's budget under 1170-619.128 and 619.134 - Assessor- Software License/Non Book Media
1. Approve retroactive online media subscription renewal with CoStar Realty Information, Inc. for the term of July 1, 2026 through June 30, 2027 for a total amount not to exceed $12,010.14; and
2. Ratify agreements with CoStar Realty information, Inc. from FY 2022-2023 to FY 2025-2026 that were previously approved by the County Executive Officer whereby the cumulative total has now exceeded $40,000.00 for those prior subscription renewals; and
3. Approve Chair, County Executive Officer, or designee to sign agreement.