ATTACHMENT 3
Robinson Mills Act Request
1797 Pine Street
TABLE 1 – ESTIMATED FISCAL IMPACT OF MILLS ACT
Property Type: Residential
Tax Assessor’s Parcel Number: 005-031-001
Base Year Value (Market): $912,311 (land and structure) Current assessed value.
Estimated Annual Property Tax (1.1%): $10,035
City Share of Annual Property Tax (22%): $2,208
EST. LOSS IN ANNUAL PROPERTY TAX REVENUE: A formal calculation will be conducted at the time a Contract is awarded. Reduction in tax for this residential property would be approximately 4 0-70% from the base year value, then calculated based on estimated tax and related City share.
40% Reduction:
Base Year Value (Reduced Market Value): $547,387
Estimated Annual Property Tax (1.1%): $6,021
City Share of Annual Property Tax (22%): $1,325
70% Reduction:
Base Year Value (Reduced Market Value): $273,693
Estimated Annual Property Tax (1.1%): $3,011
City Share of Annual Property Tax (22%): $662
A strict averaging of these figures would indicate a reduced City Share of Annual Tax from the existing figure of $2,208 per year down to approximately $662 per year.