FU
Mills Act NOTES
CITY
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 $2,800 rental income from your property.
Multiple monthly rental income by 12.
Annual Rental Income $33,600
Annual Operating Expenses
Insurance $970.00
Utilities Electricity, Water, Gas. $3,540.00
Maintenance General Repairs, Cleaning, Painting, Landscaping. $3,590.00 Total Expenses Add total expenses. Total expenses typically equal $8,100.00
approximately 25% of annual rental income.
Annual Net Income
Net Total Annual rental income minus total expenses. $25,500.00 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 o.67%]
0.67%
Capitalization Rate Add individual components above.
11.92%
Assessed Value
Historic Property Value Net total divided by capitalization rate. $213,926.00 Current Assessed Value From current property tax bill.
$743,000.00
Estimated Tax Reduction
Current Tax jeneral levy tax portion only. Does not include sewe $8,495.68 ssessments, bond issues, or other voter indebtednes
Estimated Tax under Mills Act 1.0% of Historical Property Value. Provided as an estimate of $2,139.26
potential tax savings.