The data, below, estimates the taxable value of the project that will include 20 housing units and ground retail space will be $2.8 million. It also expects that taxes paid on it, even with the proposed five-year tax exemption plan, will be just over $1 million during the next 10 years.
The report states:
The estimated value of the
building (improvement) with the proposed new development is estimated
by the Tax Assessor to be $2,887,700. During the five-year PILOT period
(2017-2021), land taxes are paid in full and the taxes on the
improvement are phased in by 20 percent each year after the first year.
PROPOSED NEW DEVELOPMENT - LAND AND BUILDING TAX PAYMENTS
Year
|
Estimated Land Tax
|
Estimated
Building Tax
|
Total Estimated
Tax Payments
|
2016
|
$25,782
|
$0
Construction of Building
|
$25,782
|
2017
|
$26,297
|
$0
0% Taxes 1st Year
|
$26,297
|
2018
|
$26,823
|
$22,232
20% Taxes 2nd Year 20% x $111,161 |
$49,055
|
2019
|
$27,360
|
$45,354
40% Taxes 3rd Year 40% x $113,385 |
$72,714
|
2020
|
$27.907
|
$69,391
60% Taxes 4th Year 60% x $115,652 |
$97,298
|
2021
|
$28,465
|
$94,372
80% Taxes 5th Year |
$122,837
|
2022
|
$29,034
|
$120,325
100% Taxes |
$149,359
|
2023
|
$29,615
|
$122,731
|
$152,346
|
2024
|
$30,207
|
$125,186
|
$155,393
|
2025
|
$30,811
|
$127,690
|
$158,501
|
TEN YEAR TOTALS
|
$282,301
|
$727,281
|
$1,009,582
|
1 comment:
Looks great but that averages to only $100,000 a year...what's that divided by 9000 households? - $11 per each per year....big f'ing deal
And what would a re-used post office yield? no data on that...the data provided is the value for an empty, unused building not ratables for a functional business use...so not apples to apples at all.
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