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<br />11. <br /> <br />Proposed Historic Project Tax Exemption: Examples <br /> <br />Minor Historic Proiect - a proj ect with eligible costs of at least $1,000 but less than <br />50% of the assessed value of the structure prior to alteration, which will receive a 50% <br />property tax exemption for ten years, or until eligible proj ect costs are recouped, which <br />ever is less. <br /> <br />EXAMPLE: A minor historic project is completed on a property assessed at $50,000. <br />The property owner receives a 50% tax exemption for ten years or until project costs are <br />recouped. The estimated lO-year exemption, based on an $50,000 assessment, is <br />$1,152.50. (The actual yearly exemption would be based on that year's property tax rate <br />and the current assessed property value.) <br /> <br />$50,000 x .00461 (tax rate) = $230.50 (yearly property tax) <br />50% of $230.50 = $ 115.25 (yearly tax exemption) <br />$115.25 x 10 years = $1,152.50 <br /> <br /> MINOR PROJECT TAX EXEMPTION ESTIMATES <br />Assessment after improvements Estimated lO-year Exemption <br />$ 30,000 $ 692 <br />$ 50,000 $ 1,153 <br />$ 100,000 $ 2,305 <br />$ 300,000 $ 6,915 <br />$ 500,000 $ 11,525 <br /> <br />Maior Historic Proiect- a project with eligible costs that are 50% or more of the <br />assessed value of the structure prior to alteration. The property owner would receive a 100% <br />property tax exemption for ten years, or until project costs are recouped, which ever is less. <br /> <br />EXAMPLE: A major historic project is completed on a property, assessed before <br />improvements at $120,000. The property owner invests $850, 000 into the structure. <br />After improvements the property is assessed at $500,000. Based on a $500,000 <br />assessment, the estimated 100% tax exemption for ten years would be $23,000. The <br />actual yearly exemption would be based on that year's property tax rate and the current <br />assessed property value. <br /> <br />$500,000 x .00461 = $2,300 <br /> <br />$2,300 x 10 years = $23,000 <br /> <br /> MAJOR PROJECT TAX EXEMPTION ESTIMATES <br />Assessment after imorovements Estimated lO-year Exemption <br />$ 30,000 $ 1,383 <br />$ 50,000 $ 2,305 <br />$ 100,000 $ 4,610 <br />$ 300,000 $ 13,830 <br />$ 500,000 $ 23,050 <br /> <br />Item 9 <br />2-12-01 RegUlar~eeting <br />