12/6/2007
13
Some Rebate Examples*
lNew home construction on
vacant parcel single family residence
lPre-construction
appraised value of $30,000
lPre-construction
assessed value (11.5% rate - residential) = $3,600
lPost-construction
appraised value of $160,000
lIncrease of
$130,000 in appraised value
lPost-construction
assessed value = $18,400 ($160,000 x 11.5%)
lAssessed
value increase $18,400-$3,600 = $14,800
Incremental Increase $14,800
(assessed valuation)
Potential
rebate under proposed plan:
City
mill 26.358 County mill 30.013 USD 497 57.804 (total mill 114.175)
$14,800
x mill/1000 = $1,690 taxes on
increase
Eligible
for 95% rebate = $1,605 (annually for 10 years)
* Rebate examples
are hypothetical and are presented for discussion purposes only