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August 7, 1981 <br /> <br />STATE OF MINNESOTA <br /> <br /> DEPARTMENT OF' REVENUE <br />CENTENNIAL OFFICE BUILDING <br />SAINT PAUL, MINNESOTA <br /> <br />PHONE: (612) 296--5138 <br /> <br />~. A1 Phillips <br />Altron, Inc. <br />3976 Winnetka Avenue North <br />Minneapolis, Minnesota 55427 <br /> <br />Dear Mr. Phillips: <br /> <br /> a result of the meeting we had on Monday, August 3rd, at <br />the Centennial Office Building, I did some research into the <br />amount of property taxes on the building you are currently <br />renting space in in New Hope and the amount of property taxes <br />you might be faced with if you should decide to build in <br />Ramsey. <br /> <br />For the 1980 assessment, taxes payable in 1981, the property <br />on Winnetka Avenue North had a valuation of $1,023,000. The <br />taxes were computed as follows: <br /> <br />Assessed Value $1,023,000 x 43% = $439,890. <br />Mill Rate X 89.057 <br />Taxes $ 39,175.28 <br />Gross Building Area 53,760 square feet <br />Tax/Square Foot of Building Area $ .7287 <br /> <br />The Hennepin County Assessor has informed the owner of the <br />building that the valuation for the 1981 assessment, taxes <br />payable in 1982 will be $1,200,000. To estimate the taxes in <br />1982 I used the mill rate that was applicable for the taxes <br />payable in 1981. Also, effective for the 1981 assessment, <br />the Legislature changed the formula that is used in calculating <br />the assessed value and this is considered in my estimate of <br />what taxes will be on the building in 1982. <br /> <br />Market Value <br /> <br />Assessed Value <br />Mill Rate <br />Gross Building Area <br />Tax/Square <br /> <br /> $1,200,000 <br /> 50,000 x 40% = $ 20,000 <br /> $1,150,000 x 43% = $494,500 <br /> <br /> X 89.057 <br /> 53,760 square feet <br />Foot of Building Area $ .8523 <br /> <br />AN EQUAL OPPORTUNITY EMPLOYER " <br /> <br />I <br /> <br /> <br />