Agenda - 01-10-1994 - Laserfiche WebLink

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71 SECTION 6 COUNTY GOVERNMENT/PROJECTED 0 FISCAL IMPACTS OF PROJECT Tax Base-The tax base represents the increase in assessed property value expected each year as a result of the project development. The values are shown in 1,000's, and are derived from a formula which includes the market value of the proposed development, the assessment ratio and a percentage for personal (equipment) tax. Example Market Value = $1,945,105,Assessment Ratio = .95, Equip.Tax = 5% 1) $1,945,105 x .95 — $1,847,850 2) $1,847,850 x .05 = $92,393 3) $1,847,850 + $92,393 = $1,940,243 4) $1,940,243/1000 — $1,940 Revenues Property Tax-Derived from a formula which multiplies the tax base times the tax rate. Inflation rate is entered in for each year. Example Tax Base = $1,940,243, Tax Rate = .7460 per$100 valuation 1) $1,940,243 x .7460'_ $1,447,421 2) $1,447,421/100 = $14,474 Sales Tax- Sales tax is derived from a formula which multiplies the proposed square footage of the new development times the projected sales per square foot of the new development. This product is multiplied times the county sales tax rate to determine the amount of sales tax generated annually. There is no sales tax in this particular example. Equipment Tax-Equipment tax is derived from a formula which multiplies the assessed value of all personal property (equipment) times the tax rate times a percentage for depreciation. The product is then divided by 100 to reflect per$100 valuation. Example Assessed Personal Property Value = $3,236,561, Tax Rate = .7460 per $100 valuation $3,236,561 x .7460 x .90/$100 = $21,730 Fees-Revenues from fees are included in the first year's total. This figure is taken from the total in Section 5. Expenditures - First year expenditures are taken from the breakdown by category in Section 4. Expenditures for subsequent years include an inflation factor. Example Community Maintenance expenditure for 1993 = $64, Inflation rate — .0290 $64 x .0290 = $1.856, $64 + $1.856 = $65.