Mills Act Tax Assessment Worksheet
Annual Property Income: $3,800 rent/month for 2b/1.5bath $45,600
Annual Operating Expenses
Home Insurance $2,090
Electricity $900
Gas $300
Water (expected to increase with new lawn improvements made in 9/2025) $1,050 Landscaping, tree trimming and sprinkler repairs $4,500 General repairs $3,840
Housecleaner $2,640
Total Annual Operating Expenses $15,320
Annual Net Income
Total Income - Total Expenses $30,280
Historic Property Value
Annual Net Income/capitalization rate $30,2800/.0967 $313,133
Tax Savings under Mills Act
Historic Property Value $313,133 Current Assessed Value $1,032,371
Current Tax (should have exact tax amount in October) ~$12,000 Estimated Tax under Mills Act $3,131
Estimated Tax Savings under Mills Act ~$8,869