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Item 4: MUPTE for Student Housing Project
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Item 4: MUPTE for Student Housing Project
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4/20/2012 2:22:28 PM
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4/20/2012 12:10:27 PM
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Agenda Item Summary
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4/23/2012
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*** The impact on bonds from exempting property taxes on the improvements is a higher tax <br />rate for everyone (so that the same amount is collected to pay the bonds in any case). <br /> <br />The estimated property tax is calculated from the estimated value of the project: <br /> <br /> <br />(Assessed Value X Tax rate – Land Property Tax) X collection rate = Est. Forgone Tax Rev. <br /> <br /> <br />Assessed Value <br /> = Value X Changed Property Ratio = $87,639,000 X 0.5938 = $52,039,100 <br />Tax Rate <br /> = $18.18 per $1,000 in assessed value <br />Land Property Tax <br /> = $100,000 <br />Collection Rate <br /> = County-wide collection rate = 94% <br /> <br />Disclaimers: <br /> <br /> <br />The current tax rate is used for the 10 year period, although the rate will likely change <br />each year. <br /> <br /> <br />Assessed value increases annually by 3% for the 10 year period, which assumes there is <br />no significant change in the way assessed value is calculated; also the property will be <br />reappraised when the exemption expires <br /> <br /> <br /> <br /> <br /> <br /> <br />
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