Laserfiche WebLink
<br />MEMORANDUM <br /> <br />DATE: April 12, 1988 <br /> <br />TO: Planning and Zoning Commission <br />FROO: Lester D. Wirz, City Assessor <br /> <br />RE: Assessing Report Regarding Jeff Erikson Property <br />At 15270 St. Francis Blvd. N.W. <br /> <br />Key: E.M. V. - Estimated Market Value <br />A.V. - Assessed Value <br />H.St.C. - Hanestead Credit <br />C - Commercial <br />M - Mills <br /> <br />A. Tax Formula For P.esidential Property: <br /> <br />First $68,000 of E.M.V. @ 17% <br />Balance of E.M. V. @ 27% <br /> <br />Example: $69,000 is Mr. Erikson's present E.M.V. <br /> <br />$68,000 E.M.V. x 17% = $11,560 A.V. <br />$ 1,000 E.M.V. x 27% = 270 A.V. <br />$11,830 Tbtal A.V. <br /> <br />Tax Calculation: <br />$11,830 A.V. x .112498 mills = $1330.85 tax before H.St.C. <br /> <br />Hanestead Credit Formula = 54% of the total tax up to $700 maximum <br />$1,330.85 x 54% = $718.66 or $700 <br />$1,330.85 - $700 = $630.85 tax after H.St.C. <br /> <br />B. Tax Formula For Commercial Property - <br /> <br />First $60,000 of E.M.V. @ 28% <br />Balance of E.M. V. @ 43% <br /> <br />Example: $65,000 E.M.V. (This does not represent ~tr. Erikson's E.M.V.) <br />$60,000 x 28% = $16,800 A.V. <br />$ 5,000 x 43% = 2,150 A.V. _____ <br />$18,950 Total A.V. <br /> <br />Tax Calculation: <br />$18,950 A.V. x .112498 mills = $2,131.84 Tax on Commercial Property <br /> <br />OPINION: Property at 15270 St. Francis Blvd. N.W. would be a split <br />classification. The above calculations reflect how the property would be <br />handled. The amount of tax wouldn't be much more than residential pro};erty <br />taxes because tlJX. Erikson's commercial value would be less than $60,000 and <br />the entire value therefore would be figured at 28%. The tax on this <br />property would not be subject to hanestead credit. <br /> <br />ILW:sf <br /> <br />\1 <br />