Orange County NC Website
Browse       Search
CORBIN DOWNS <br />(continued) <br />12. TAX REVENUE <br />General - The project is estimated as revenue neutral at this point assuming full buildout <br />of projected square footage and assumed taxable values. Any decrease in revenue <br />variables would create a deficit county fiscal service cost situation. <br />Rl Developer and/or Town of Hillsborough should reevaluate the project <br />using county Tax Assessor's criteria. The estimates from the applicant of <br />propert3*uilding value seem high at this time and should be subject of <br />further review using comparable and market value vs. tax rate ratios. <br />C1 The projected property value at project completion is $239,109,467. The <br />chart below analyses the dwelling unit values, non- residential sq. ft. value <br />and the value per acre. <br />YEAR 3` <br />DWELLINGS $PER UNIT OR AC FAR <br />OR SQ. FT. PER SQ. FT. <br />60 $200,000 SF 22.6 $531,000 /AC <br />54 $140,000 TH 6.77 $1,116,700 /AC <br />100 $150,000 AL 10.6 $1,415,100 /AC <br />30 $120,000 R 5.0 _ $720,000 /AC <br />230 $66,700 MF 19.2 $788,600/AC <br />100,000 SF $70 SF OFFICE 10 $700,000 /AC .28 <br />50,000 SF $100 SF RETAIL 7.17 $697,000/AC .16 <br />200 $50,000 HOTEL/RM 5.0* $2,000,000 /AC <br />$70 SF OFFICE 3.0* $1,167,000 /AC .38 <br />*YEAR 2 <br />The projected values noted by the applicant should be considered with the following <br />caution; <br />a) The property values are the basis of summary/revenue benefit analysis tax <br />b) The values appear high for various uses and could. distort the expected <br />revenue amount. <br />c) The market values could be further reduced by taxable value assessment <br />which at times does not fully reflect market value. <br />d) The actual amount of building square footage is likely to be less after site <br />plan constraints. <br />g:\craig \cd- trans \10- 4 -99 \dg 6 <br />■ <br />