Mills Act Program Guidelines and Application
Mills Act Tax Assessment Worksheet
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An estimate of monthly rental income is required, even if the Monthly Rental Income property is owner occupied. For single-family residences, a realtor may be able to assist you in determining the potential }C>,DtiO rental income from your property.
Annual Rental Income Multiple monthly rental income by 12. �11.,000 tT:.l�lf11l•.1 . .. -
Insurance f, �. 40 0
Utilities Electricity, Water, Gas. tq o o D
Maintenance General Repairs, Cleaning, Painting, Landscaping. i,2..000 Total Expenses Add total expenses. Total expenses typically equal fl4,4-00 aooroximately 25% of annual rental income.
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Net Total Annual rental income minus total expenses. i 47 Goo - - ...... :Tellt:llr-.r.nlflll "...
Interest Rate Component Fixed interest rate established by the Board of Equalization for & -ZS ?o most recent year. [4. 0%]
Historic Property Tax Risk 4. 0% for single-family residences D 'loComponent 2. 0% for all other properties 4-
Property Tax Component Fixed Component [1. 0%] I 10
Amortization Component Based on life of improvements. [Typically 0. 67%] . �1 /(J Capitalization Rate Add individual components above. tr.JZ1o .fl
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Historic Property Value Net total divided by capitalization rate. 1:sJ9,:s2g Current Assessed Value From current property tax bill. t 9S7,4-g/ 1-;i on: i'i :.a I l::'1!..tll 1 .. ��-111
Current Tax General levy tax portion only. Does not include sewe$assessments, bond issues, or other voter indebtedness. 9/;74-.t/ Estimated Tax under Mills Act 1.0% of Historical Property Value. Provided as an estimate of � S; 9J� potential tax savings.