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13 <br /> 1 . The tax increases range from $0.01 to $8,940.92 <br /> 2 . 17,044 have an estimated increase of under $300 (average $110) <br /> 3 • For the remaining 2,935, the average increase is $569 and the total increase for all <br /> 4 2,935 is $1,670,143. <br /> 5 <br /> 6 • Using income data from the American Community Survey (ACS) 5-Year Estimates Data <br /> 7 Profiles and an owner-occupied rate of 63.8% per the 2020 Consolidated Plan, staff <br /> 8 estimate the following number of households at the Area Median Income levels: <br /> Estimated owner- <br /> occupied <br /> Income level households in OC <br /> Over 80%AMI 9,984 <br /> 61-80%AMI 3,181 <br /> 31-60%AMI 3,622 <br /> 30%AMI and under 3,241 <br /> TOTAL 80%AMI and below 10,045 <br /> 9 • Using the ACS data for household numbers and owner-occupied rate leads to a slight <br /> 10 difference in the total number of households compared with Tax Office data — the ACS <br /> 11 total households is 20,029 compared with the Tax Office actual total of 20,009. <br /> 12 <br /> 13 • The total liability (100% participation) for instituting a $300 minimum for 10,045 <br /> 14 households would be $3,013,355. <br /> 15 • Program costs decrease as participation decreases: <br /> Total Liability <br /> (100% 25% 50% 75% <br /> participation) participation participation participation <br /> $300 minimum $ 3,013,355 $ 753,339 $ 1,506,678 $ 2,260,017 <br /> 16 <br /> 17 <br /> 18 2. Awards cover half of total tax bill: Award would cover half of total tax bill for homeowners <br /> 19 earning 80% AMI or under, up to these total amounts: <br /> 20 $500 for households with incomes <_ 61- 80% AMI <br /> 21 $750 for households with incomes <_ 31- 60% AMI <br /> 22 $1,000 for households with incomes <_ 30%- below AMI <br /> 2021 apps <br /> w/County portion Average of tax <br /> Owner-occupied of bill over 2x bill under 2x max Max <br /> Income level households in OC max assistance assistance Assistance Total Liability <br /> 61-80%AMI 3,181 100% N/A $ 500 $ 1,590,716 <br /> 31-60%AMI 3,622 67% $1,007 $ 750 $ 2,418,645 <br /> 30%AMI and under 3,241 5% $1,083 $ 1,000 $ 1,831,465 <br /> TOTAL 80%AMI and below 10,045 $ 5,840,825 <br /> 23 <br />