HomeMy WebLinkAbout2008 01 14 Public Input Provided by Ron Ligthart
Date: January 14, 2008
This was provided to the City Commission by
Ron Ligthart at the January 14, 2008 City
Commission Regular Meeting during Public
Input.
Winter Springs
City property tax + fire assessment tax = Total city tax levied
Example 1: New Winter Springs millage rate = 3.2496
Taxable value after exemption = $159,487 for my home.
Proposed fire fee: $216-$256
Calculation: $159,487 /1,000 x 3.2496 = $518.27 (as stated on tax bill as well)
$518.27 + $216.00(min.) + $16.30(bond@.1022) = $750.57 total city tax.
Total city tax if millage from last year (4.4019) remains constant: $702.04
True adjusted millage rate: $750.57 / $159,487 x 1,000 = 4.7061
4.7061 total millage impact @ $216 fire fee tax.
4.9569 total millage impact @ $256 fire fee tax.
Example 2: New Winter Springs millage rate = 3.2496
Assume taxable value of home at $80,000 after exemption.
Assume $216(min) fire fee tax.
Calculation: $80,000/ 1,000 x 3.2496 = $259.97
$259.97 + $216.00(min.) + $8.18(bond@.1022) = $484.15 total city tax.
Total city tax if millage from last year (4.4019) remains constant: $352.15
True adjusted millage rate: $484.15/ $80,000 x 1,000 = 6.0518
6.0518 total millage impact @ $216 fire fee tax.
6.5518 total millage impact @ $256 fire fee tax.
Example 3: New Winter Springs millage rate = 3.2496
Assume taxable value of home at $400,000 after exemption.
Assume $216(min.) fire fee tax.
Calculation: $400,000/ 1,000 x 3.2496 = $1,299.84
$1,299.84 + $216.00(min.) + $40.88(bond@.1022)= $1,556.72 total city tax.
Total city tax if millage from last year (4.4019) remains constant: $1,760.76
True adjusted millage rate: $1,556.72/ $400,000 x 1,000 = 3.8918
3.8918 total millage impact @ $216 fire fee tax.
3.9918 total millage impact @ $256 fire fee tax.
Approximate taxable value break even point of no millaRe increase @ $216 fire fee: $205,000
Approximate taxable value break even point of no millaRe increase @ $256 fire fee: $244,000
Current Winter Springs taxable dwellings: 11,785
8,828 dwellings fall below $205,000 taxable value
3,007 dwellings fall below $100,000 (>24% total tax impact increase - millage >5.5)
2,638 dwellings fall below $80,000 (>37% total tax impact increase - millage >6.05 )
673 dwellings fall below $40,000 (>98% total tax impact increase - millage >8.75)
374 dwellings fall below $30,000 (>238% total tax impact increase - millage >10.55)