HPC agenda 042899 - Laserfiche WebLink

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calculated as the difference between the tax based on the property ' s full value and the tax based on fifty percent of actual value , is deferred as long as the property ' s historic integrity is maintained . To receive the tax deferral , the owner of a designated landmark must apply to the Tax Assessor for reduced valuation of the property. The reduction in value applies only to real property (land and structures ) . The property owner will remain eligible for the tax deferral as long as the historical or architectural integrity of the landmark is maintained . If the property loses its eligibility for the tax deferral , the owner must pay the deferred taxes for the current year and the three preceding years , plus interest . Phelps Farm Scenarios Scenario 1 : The family does not choose to pursue local historic designation and continues to generate enough income for the land to remain in its current "use value" designation . Use Acres Use value Assessed value Wooded 2 $200 $400 Pasture 8 . 77 $ 144 $ 1 , 263 Homesite 2 $3 , 960 $7 , 920 $ 9 , 583 House value $ 32 , 963 Outbuildings $ 12 , 490 Total property tax value $42, 546 Orange Cty tax rate $0 . 009420 . . , . .. -_,._ ..,.... .. ,.:r .. _< : . :_ : . _a.. .. .......... . .___,-_.., . . x:< . , nr .•'>r<a-.- <=sx:. =:r,:1tc,,::r.:rS ^s;:.a: . .zx :,x .. . . : t .`ifT:. . Huai . . .:}=s Y s Scenario 2 : The entire 12 . 77 - acre parcel receives local historic designation and the Phelps ' decide to retire from farming Acres Use Value Assessed value 12 . 77 $ 3 , 960 $ 500569 House value $ 32 , 963 Outbuildings $ 12 , 490 Total property assessed value $ 96, 022 Orange Cty tax rate $0 . 00942 Annual tax bill $ 905 <x.;._<w....h<,:.>=...i . . . . .. ., •4of::rt:.:,...-..t.."a:. , `v.2ia�S v v. :, btax � er ? � " , .a r?ao`4 . J. . . .4W t a2 6