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EXHIBIT 3 <br />\; Valbridge ASSESSMENT <br />Pay Parking Lot <br />PROPERTY ADVISORS AND TAX DATA <br />Assessment and Tax Data <br />Assessment Methodology <br />Under provisions of Proposition 13, properties are assessed based on their value as of March 1, 1975. <br />This value may increase no more than 2% per year until such time as the property is sold, substantial <br />new construction takes place, or the use of the property is substantially altered. The above property <br />taxes include the general 1% tax, voted indebtedness, and direct assessments. If the property were <br />sold, creating a new assessed value, the direct assessments would not be expected to change. The <br />general tax and the voted indebtedness, however, would be expected to reflect the new basis. Thus, <br />the tax rate specified above relates to the general tax rate and voted indebtedness and the direct <br />assessments are in addition to this rate. <br />Assessed Values and Property Taxes <br />The subject's assessed values are shown below, however, applicable tax rates and total taxes, <br />including direct assessments, are not applicable as the property is owned by the City of Santa Ana: <br />SUMMARY OF ASSESSED VALUES <br />Tax Direct. <br />APN Land Improvements Total Rate Assessments Total <br />005-142-21 $116,619 $6,743 $123,362 <br />_ <br />Conclusions <br />According to the Orange County Tax Assessors Office the subject's property has no taxes as it is <br />publically owned by the City of Santa Ana. <br />© 2015 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. Page 19 <br />SA4-51 <br />