HomeMy WebLinkAbout2008 03 10 Given to City Commission Regarding Public Hearing 500.1Date: March 10, 2008
The following document was given to the City
Commission at the March 10, 2008 City
Commission Regular Meeting during the
discussion of Public Hearings Agenda Item
"500.1 ".
Winter Springs
City property tax + fire assessment tax =Total city tax levied
Third proposed annual fire fee residential impact study
First city annual fixed fire fee proposal: $216.00 - $256.00.
Second city annual fixed fire fee proposal: $194.00.
Third city annual three tier fire fee proposal that is *NOT CONFIRMED* at this time.
*Units at and below 1,200 sq.ft.: $100.00 annual fire fee.
*Units between 1,200-2,500 sq.ft.: $194.00 annual fire fee.
*Units at 2,500 sq.ft. and above: $xxx.xx Unknown at this time.
Residential units using sq.ft. analysis: 11,785* (Hacienda village excluded)
2,567** units @ $100.00 annual fire fee = 21% of total (Hacienda village included)
7,370** units @ $194.00 annual fire fee = 61% of total (Hacienda village included)
2,220** units @ $xxx.xx annual fire fee = 18% of total (Hacienda village included)
Approximate taxable value break even point of no tax increase for $100.00 fire fee: $95,000
Approximate taxable value break even point of no tax increase for $194.00 fire fee: $184,000
57% of units will pay higher taxes with zero value added to residents using 11,785 total.
This does not include third tier fire fee impact of $xxx.xx thus % can only go higher
as the 57% was calculated on total residential units of 11,785.
Special report study: Hacienda village mobile home park
244 total mobile home units.
143 total mobile home units fall below 1,200 sq.ft.---------Proposed annual fire fee: $100.00.
101 total mobile home units are above 1,200 sq.ft.-------- Proposed annual fire fee: $194.00.
Random selection of 20 units had a taxable home value from $25,000 - $47,000.
Assume: $47,000 taxable value home at $100.00 and $194.00 annual fire fee.
Calculation: $47,000 / 1,000 x 3.2496 = $152.73
$152.73 + ($100.00 or $194.00) + $4.80 bond = $257.53 or $351.53 total city tax.
Total city tax if millage from last year (4.4019) remains constant: $206.89
Household annual savings with 24%millage reduction: $49.36
Total city tax increase with $100.00 fire fee: 24% increase.
Total city tax increase with $194.00 fire fee: 70% increase.
All Hacienda village residents will have higher impact taxes.
Some will have tax impact increase of greater than 100%.
Most or all will have the highest taxes in the entire county.