409 Franklin Mills Act Request
409 Franklin Street
TABLE 1 – ESTIMATED FISCAL IMPACT OF MILLS ACT
Property Type: Residential
Tax Assessor’s Parcel Number: 005-051-011
Base Year Value (Market): $460,398 (land and structure) Current assessed value.
Estimated Annual Property Tax (1.1%): $5,064
City Share of Annual Property Tax (22%): $1,114
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 40-70% from the base year value, then calculated based on estimated tax and related City share. 40% Reduction:
Base Year Value (Reduced Market Value): $276,239
Estimated Annual Property Tax (1.1%): $3,039
City Share of Annual Property Tax (22%): $669
70% Reduction:
Base Year Value (Reduced Market Value): $138,119
Estimated Annual Property Tax (1.1%): $1,519
City Share of Annual Property Tax (22%): $334
A strict averaging of these figures would indicate a reduced City Share of Annual Tax from the existing figure of $1,114 per year down to approximately $334 per year.
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