Agenda - 04-05-1993 - VII-E - Laserfiche WebLink

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School District: Expenditures in this category are unique to the Chapel Hill-Carrboro school system and are based on the level of expenditures possible through assessment of a supplementary school tax. State: Expenditures in this category are based on appropriations from the State Board of Education. Other Data: County Government Tax Rate: The County tax rate per$100 of assessed valuation. Since the per capita method focuses only on operating expenditures, the tax rate is reduced by an amount equal to the debt service payments for capital projects. School District Tax Rate: The supplementary tax assessed on behalf of the Chapel Hill-Carrboro school system. Assessment Ratio: The ratio of market(sales)value to assessed value based on information supplied by the Tax Office. The assessment ratio is used to convert market value to assessed value for the purpose of computing the tax base. Other Model Constants Elderly Exemption: For projects developed partially or exclusively for elderly (65 and older) or disabled individuals whose annual income does not exceed$12,000, an$11,000 tax exemption is used in projecting the tax base. SECTION 3 -DEMOGRAPHIC PROJECTIONS BASED ON PROJECT DATA Demographic projections provide information about the number of new residents and school children anticipated in Orange County resulting from project development. The projections are cumulative from one year to the next. Total Housing Units: The cumulative total of new housing units added each year by project development. Total Population: The total population added each year by a project derived by multiplying the number of homes to be constructed by the number of persons per household(see Section 1). School Children: The total number of school children added each year by a project derived by multiplying the number of homes constructed by the number of children per household(see Section 1). SECTION 4- GENERAL GOVERNMENT/PRO.TECTED FISCAL IMPACTS OF PROJECT Tax Base:The tax base represents the increase in assessed property value expected each year resulting from project development. The values shown are in$1,000's and are derived from a formula which includes the number and average sales price of homes, and the assessment ratio. Where applicable, the percentage of non-elderly units and elderly exemption are also used. Revenues: All revenues are derived from a formula which multiplies the per capita revenues (Section 2) times the projected population(Section 3). The exception to this is the property tax which multiplies the tax base times the county government tax rate. Expenditures: All expenditures are derived from a formula which multiplies the per capita expenditures per service function(Section 2) times the total projected population(Section 3). . Net Balance: The net balance is the difference between projected expenditures and projected revenues. A negative net balance indicates that it costs Orange County more to provide services to a project than it receives in revenues. A positive net balance indicates that more revenues are received than it costs to serve a project. Positive net A- 13