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Mr. A1 Phillips <br />Page 2 <br />August 7, 1981 <br /> <br />In estimating what the taxes would be on a building in Ramsey <br />I worked under the assumptions that the land would have a <br />value of $21,900, the building a value of $699,000, the mill <br />rate would be the same as it is for taxes payable in 1981, <br />84.317 mills, and the gross building area would be 32,000 square <br />feet. <br /> <br />Market Value <br /> <br />Assessed Value <br />Mill Rate <br />Taxes <br />Gross Building Area <br />Tax/Square Foot of Building Area <br /> <br /> $720,900 <br /> $50,000 x 40% = $ 20,000 <br />$670,900 x 43% = $288,487 <br /> $308,487 <br /> 84.317 mills <br /> $ 26,010.69 <br /> 32,000 square <br /> $ .8128 <br /> <br />feet <br /> <br />I want to emphasize that the estimate for your proposed building <br />in Ramsey is just that, an estimate. The earliest the building <br />could be assessed would be January 2, 1982, with taxes payable <br />in 1983. Therefore, I have assumed that the variables remain <br />stable in both communities for the 1982 assessment, taxes <br />payable 1983. If mill rates, valuations, or the laws covering <br />the taxation of commercial-industrial property change, the estimates <br />will change. <br /> <br />Mr. Phillips, I hope these estimates meet your needs, but if you <br />need additional information, please do not hesitate to give <br />m~ a call. <br /> <br />Yours truly, '- <br /> <br />MICHAEL P. WANDMACHER, Manager <br />Education Section <br />Property Equalization Division <br /> <br />MPW/ljz <br /> <br />cc: Lloyd Schnelle, City Administrator <br /> City of Ramsey <br /> <br /> <br />