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Impact on Property Taxes for Differenct Debt Issuance Amounts
<br />Sales Tax Mill Increase to Increase to
<br />Rate to Levy to Annual Annual
<br />Approx Support Sales Support Property Property
<br />Debt Annual Annual Tax Annual Tax on Tax on Total Tax for Total Tax for
<br />Issuance Debt Debt On Debt $500,000 $500,000 $500,000 $500,000
<br />Amount Service Service $100 Service Residence Business * Residence Business *
<br />10,000,000 626,000 0.22% 0.22 1.41 56.24 $ 204.90 $ 3,376 $ 12,298
<br />15,000,000 940,000 0.33% 0.33 2.12 84.45 $ 307.67 $ 3,404 $ 12,401
<br />20,000,000 1,253,000 0.44% 0.44 2.83 112.57 $ 410.12 $ 3,432 $ 12,504
<br />25,000,000 1,566,000 0.55% 0.55 3.53 140.69 $ 512.57 $ 3,460 $ 12,605
<br />30,000,000 1,879,000 0.66% 0.66 4.24 168.81 $ 615.02 $ 3,488 $ 12,708
<br />40,000,000 2,506,000 0.88% 0.88 5.66 225.14 $ 820.25 $ 3,545 $ 12,914
<br />50,000,000 3,132,000 1.10% 1.1 7.07 281.39 $ 1,025.15 $ 3,601 $ 13,118
<br />Assumptions:
<br />Interest Rate on Bonds = Average 2.25%
<br />Term of bonds = 20 Years
<br />City's Taxable Sales = $290,000,000
<br />City's Net Assessed Valuation = $445,000,000
<br />Residential Conversion Factor from Market Value to Assessed Value = $7.96%
<br />• Non - Residential Conversion Factor from Market Value to Assessed Value = 29%
<br />* - Businesses also pay personal property taxes for assets located on the property. The analysis does not factor in a valuation for personal
<br />property taxes.
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