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INTER <br /> MEMO <br /> OF F ICE <br /> To: Chuck Whiting <br /> From: Rick Jopke <br /> Subject: Theater Development Tax Analysis <br /> Date: April 17, 1998 <br /> Attached is a copy of the Theater Development Tax Analysis which Cathy Bennett did.the following is <br /> an update which I have done based on payable 1998 tax rates and the new class rates. I have also <br /> estimated the amount of taxes that a$2,100,000 office building might generate if built on the excess land <br /> created when Edgewood Dr. is relocated. <br /> THEATER <br /> Assumptions: <br /> Current Market Value: $1,032,500 <br /> New Market Value: $11,000,000 <br /> Tax Formula: 2.45%up to $150,000 <br /> 3.5%above$150,000 <br /> Total Tax Rate: 129.878% <br /> City Portion of Tax Rate: 25.908% <br /> Calculation: <br /> Current taxes: <br /> $150,000 x 2.45%= 3,675 <br /> $882,500 x 3.5%= 30.888 <br /> tax capacity 34,563 <br /> x tax rate 129.878% <br /> =taxes payable $44,890 <br /> New taxes: <br /> $150,000 x 2.45%= 3,675 <br /> $10,850,000 x 3.5%= 379 750 <br /> tax capacity 383,425 <br /> x tax rate 129.878% <br /> =taxes payable= $497,895 <br /> Annual Increase in Total Taxes: <br /> New Tax $497,895 <br /> Current Tax $44.890 <br /> Increase $453,005 <br /> City Portion(19.948%)= $90,365 <br />