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<br />City of Elk River
<br />
<br />Analysis of Tax Impact for Proposed YMCA/Community Center
<br />Project Costs of $3.5 M
<br />August 25, 2005
<br />
<br />Type of Debt
<br />Taxes Spread on
<br />Valuation
<br />Annual Debt Service
<br />Debt Size
<br />Est. Tax Rates (Debt Service
<br />Divided by Valuation)\
<br />
<br />Voted
<br />G.O. Bonds
<br />Market Value
<br />1,511,433,450
<br />380,100
<br />3,920,000
<br />
<br />Estimated Taxes Payable in 2006
<br />15 Years 20 Years
<br />Non-Voted Voted Non-Voted
<br />Lease Revenue G.O. Bonds Lease Revenue
<br />Tax Capacity Market Value Tax Capacity
<br />17,421,465 1,511,433,450 17,421,465
<br />408,450 319,200 347,550
<br />4,425,000 3,935,000 4,380,000
<br />
<br />0.00025
<br />
<br />0.02345
<br />
<br />0.00021
<br />
<br />0.01995
<br />
<br /> Taxable
<br />Type of Property Market Value
<br /> $60,000 15.09 14.07 12.67 11.97
<br /> 80,000 20.12 18.76 16.90 15.96
<br /> 100,000 25.15 23.45 21.12 19.95
<br /> 125,000 31.44 29.31 26.40 24.94
<br />Residential 140,000 35.21 32.82 29.57 27.93
<br />Homestead 150,000 37.72 35.17 31.68 29.92
<br /> 175,000 44.01 41.03 36.96 34.91
<br /> 200,000 50.30 46.89 42.24 39.90
<br /> 250,000 62.87 58.61 52.80 49.87
<br /> 300,000 75.44 70.34 63.36 59.85
<br /> $50,000 12.57 17.58 10.56 14.96
<br />Commercial 100,000 25.15 35.17 21.12 29.92
<br />Industrial 150,000 37.72 52.75 31.68 44.89
<br /> 200,000 50.30 76.20 42.24 64.84
<br /> 300,000 75.44 123.09 63.36 104.74
<br /> 400,000 100.59 169.98 84.48 144.63
<br /> 500,000 125.74 216.87 105.60 184.53
<br /> $150,000 25.15 29.89 21.12 25.44
<br />Agricultural 250,000 25.15 42.79 21.12 36.41
<br />Homestead .. 350,000 25.15 55.68 21.12 47.38
<br /> 500,000 25.15 75.02 21.12 63.84
<br />Agricultural $800 $0.00 0.19 $0.00 0.16
<br />Non-Homestead 1,000 0.00 0.23 0.00 0.20
<br />(dollars per acre) 1,200 0.00 0.28 0.00 0.24
<br /> $60,000 $0 $14 $0 $12
<br /> 80,000 0 19 0 16
<br /> 100,000 0 23 0 20
<br />Seasonal 125,000 0 29 0 25
<br />Recreational 140,000 0 33 0 28
<br />Residential 150,000 0 35 0 30
<br /> 175,000 0 41 0 35
<br /> 200,000 0 47 0 40
<br /> 250,000 0 59 0 50
<br /> 300,000 0 70 0 60
<br />
<br />The figures in the table are based on taxes for the bond issue only, and do not include tax levies for other purposes. Tax
<br />increases shown above are gross increases, not including the impact of the state Property Tax Refund ("Circuit Breake~')
<br />program. Many owners of homestead property will qualify for a refund, based on their income and total property taxes. This will
<br />decrease the net effect of the referendum levy for many property owners.
<br />
<br />.. For agricultural homestead property, a value of $100,000 was assumed for the house, garage, and one acre.
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