12/6/2007
12
Some Rebate Examples*
l$30,000 addition to single
family residence
lPre-construction
appraised value of $125,000
lPre-construction
assessed value (11.5% rate - residential) = $14,375
lPost-construction
appraised value of $150,000
lIncrease of
$25,000 in appraised value
lPost-construction
assessed value = $17,250 ($150,000 x 11.5%)
lAssessed
value increase $17,250-$14,375 = $2,875
Incremental Increase $2,875
(assessed valuation)
Potential
rebate under proposed plan:
City
mill 26.358 County mill 30.013 USD 497 57.804 (total mill 114.175)
$2,875
x mill/1000 = $328.25 taxes on
increase
Eligible
for 95% rebate = $312 (annually for 10 years)
* Rebate examples
are hypothetical and are presented for discussion purposes only