12/6/2007
14
Some Rebate Examples*
Eldridge Renovation
2005
Appraised Value $1,826,600
2005
Assessed Value $456,645 (25% of appraised – commercial rate)
2007
Appraised Value $2,700,00
2007
Assessed Value $675,000
Incremental Increase $218,555
(assessed valuation)
Potential
rebate under proposed plan:
City
mill 26.358 County mill 30.013 USD 497 57.804 (total mill 114.175)
$218,555
x mill/1000 = $24,931 taxes on increase
Eligible
for 95% rebate = $23,684 (annually for 15 years)
* Rebate examples
are hypothetical and are presented for discussion purposes only