|
Interest Rate |
10.00% |
|
|
|
|
|
|
|
|
|
|
|
|
Assessment/SF @ 100% |
Unabated Tax Rate |
Taxes/SF |
SF |
Value |
Taxes 1st Year |
for 10 Years |
|
|
|
|
|
1: Existing Office Property |
$50.00 |
3.50% |
$1.75 |
5000 |
$250,000 |
$8,750 |
$87,500 |
|
|
|
Plus Improvement Value |
$20.00 |
3.50% |
$0.70 |
5000 |
$100,000 |
$3,500 |
$35,000 |
|
|
|
Total Tax Value |
$70.00 |
3.50% |
$2.45 |
5000 |
$350,000 |
$12,250 |
$122,500 |
|
|
|
Years |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
Total |
|
Annual Taxes |
$12,250 |
$12,250 |
$12,250 |
$12,250 |
$12,250 |
$12,250 |
$12,250 |
$12,250 |
$12,250 |
$12,250 |
$122,500 |
|
Effective Taxes/SF |
$2.45 |
$2.45 |
$2.45 |
$2.45 |
$2.45 |
$2.45 |
$2.45 |
$2.45 |
$2.45 |
$2.45 |
|
|
Effective Tax Rate Current + Improvement |
3.50% |
3.50% |
3.50% |
3.50% |
3.50% |
3.50% |
3.50% |
3.50% |
3.50% |
3.50% |
|
|
PV Total Taxes |
$82,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2: 100% abatement for Improvements |
Assessment/SF @ 100% |
Unabated Tax Rate |
Taxes/SF |
SF |
Value |
Taxes 1st Year |
for 10 Years |
|
|
|
|
|
Current Office Property |
$50.00 |
3.50% |
$1.75 |
5000 |
$250,000 |
$8,750 |
$87,500 |
|
|
|
Minus Improvement Value |
$20.00 |
3.50% |
$0.70 |
5000 |
$100,000 |
$3,500 |
$35,000 |
|
|
|
Total Tax Value |
$30.00 |
3.50% |
$1.05 |
5000 |
$150,000 |
$5,250 |
$52,500 |
|
|
|
Years |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
Total |
|
Annual Taxes |
$5,250 |
$5,250 |
$5,250 |
$5,250 |
$5,250 |
$5,250 |
$5,250 |
$5,250 |
$5,250 |
$5,250 |
$52,500 |
|
Effective Taxes/SF |
$1.05 |
$1.05 |
$1.05 |
$1.05 |
$1.05 |
$1.05 |
$1.05 |
$1.05 |
$1.05 |
$1.05 |
|
|
Effective Tax Rate Current + Improvement |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
|
|
PV Total Taxes |
$35,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3: IDA tax abatement for new construction |
Assessment/SF @ 100% |
Unabated Tax Rate |
Taxes/SF |
SF |
Value |
Taxes 1st Year |
for 10 Years |
|
|
|
|
|
Current Property: Vacant Land |
$5.00 |
3.50% |
|
5000 |
$25,000 |
$875 |
$8,750 |
|
|
|
Improvement Value |
$100.00 |
3.50% |
$3.50 |
5000 |
$500,000 |
$17,500 |
$175,000 |
|
|
|
Total Value |
$105.00 |
3.50% |
$3.68 |
5000 |
$525,000 |
$18,375 |
$183,750 |
|
|
|
Years |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
Total |
|
Annual IDA Improvement Taxes |
$3,500 |
$4,375 |
$5,250 |
$6,125 |
$7,000 |
$7,875 |
$8,750 |
$9,625 |
$10,500 |
$10,500 |
$73,500 |
|
Annual Unabated Land Taxes |
$875 |
$875 |
$875 |
$875 |
$875 |
$875 |
$875 |
$875 |
$875 |
$875 |
$8,750 |
|
Total Annual Taxes |
$4,375 |
$5,250 |
$6,125 |
$7,000 |
$7,875 |
$8,750 |
$9,625 |
$10,500 |
$11,375 |
$11,375 |
$82,250 |
|
Effective Taxes/SF |
$0.88 |
$1.05 |
$1.23 |
$1.40 |
$1.58 |
$1.75 |
$1.93 |
$2.10 |
$2.28 |
$2.28 |
|
|
Effective Tax Rate Current + Improvement |
1.25% |
1.50% |
1.75% |
2.00% |
2.25% |
2.50% |
2.75% |
3.00% |
3.25% |
3.25% |
|
|
PV Total Taxes |
$52,072 |
|
|
|
|
|
|
|
Each Year’s PV |
$5,250 |
$4,772 |
$5,060 |
$5,256 |
$5,375 |
$5,429 |
$5,428 |
$5,383 |
$5,301 |
$4,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|