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January 18, 1984 <br />Page 3 <br />manner, it would appear that Dr. Taylor is being assessed a <br />portion of cost over the entire term of the issues, i.e. 29 and <br />19 years, even though the property received no benefit during a <br />substantial term of the issuance. If a nonresident is to be <br />taxed as would be a resident of Little Canada, then the property <br />owner should be responsible for remaining assessments, i.e., 14 <br />years, not total years, i.e. 29 and 19 years. In addition, Dr. <br />Taylor is receiving the detriment of a substantially below market <br />present value factor. The equivalent trunk tax levy factor <br />should be calculated as follows: <br />Sanitary <br />Computation /Description Sewer System Water System <br />1. Equivalent 1982/1983 mills 1.969 4.152 <br />2. Total Tax years at 14 years at 14 <br />3. Total (1 x 2) 27.566 58.128 <br />4. Present value factor <br />adjustment: <br />14 years @ 12% <br />14 years @ 12% <br />5. Equivalent trunk tax levy <br />factor (to be applied against <br />the estimated total /final <br />assessed valuation of property) <br />in mills (1 x 4) <br />6.6281 6.6281 <br />13.0507 27.5199 <br />Conclusion <br />The following fee calculation is based on the foregoing plus <br />the following assumptions: <br />1. Front footage of property - 120 feet <br />2. Equivalent SAC units - 2 units <br />3. Fair market value of completed facility - $104,200 <br />4. Assessed value of completed facility (fair market value <br />at 43 %) - $44,806 <br />17 <br />e <br />