FUL
Mills Act
ATON
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Tax Assessment Worksheet
CALIFORNI
Annual Property Income
An estimate of monthly rental income is required, even if the property is owner occupied. For single-family residences, a Monthly Rental Income realtor may be able to assist you in determining the potential rental income from your property. $3,250
Multiple monthly rental income by 12.
Annual Rental Income $39,000
Annual Operating Expenses
Insurance
Utilities Electricity, Water, Gas. $3,000
Maintenance General Repairs, Cleaning, Painting, Landscaping. $6,500 Total Expenses Add total expenses. Total expenses typically equal $9,500
approximately 25% of annual rental income.
Annual Net Income
Net Total Annual rental income minus total expenses. 129,500 Capitalization Rate
Interest Rate Component Fixed interest rate established by the Board of Equalization for most recent year. [4.0%] 6:25%
Historic Property Tax Risk 4.0% for single-family residences
2.0% for all other properties 4.0%
Component
Property Tax Component Fixed Component [1.0%]
1.0%
Amortization Component Based on life of improvements. [Typically 0.67%]
0.67%
Capitalization Rate Add individual components above.
11. 92%0
Assessed Value
Historic Property Value Net total divided by capitalization rate. $226,510
Current Assessed Value
From current property tax bill.
$875,000
Estimated Tax Reduction
Current Tax General levy tax portion only. Does not include sewer assessments, bond issues, or other voter indebtedness. $8,750 Estimated Tax under Mills Act 1.0% of Historical Property Value. Provided as an estimate of potential tax savings. $ 2,265