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August 28,1997 <br />Ron Moorse ^ <br />.KyTO: <br />FROM: __ <br />RE; Update of the ^r^rty Class Tax Rates <br />Chris Miller Oy <br />Pr^ri <br />COUNCIL MEETING <br />DEC 3 1997 <br />CITYOFORONO <br />Ron,IVUIl, <br />tax rates for 1998. The new rates will pr current and adopted 1998 tax rates for <br />Cunent <br />Value R3l£ <br /><=$72,000 1-00 “/® <br />> 72,000 2.00% <br />Adopted 1998 <br />yalue Rfttfi <br />c= <7S.000 I -00% <br />> 7S.000 _LS5% <br />' ------ 9 <br />The impact of the new rates on residential t“tS'^«°cipaci“ <br />rates for commercial property is shown below. <br />Current <br />Value _ <br /><=$100,000 <br />> 100,000 <br />Rate <br />3.00% <br />4.60% <br />Adopted 1998 <br />Value ^l£ <br />c=:<iso.ooo 2t703^ <br />•> 1 sft.000 4i0ft% <br />For a commereial property valued at $500,000 the city can expect to lose $3,350 in tax eapacty. <br />The tax capacity for <br />tax capacity for 1998 taxes would have been <br />rates, the m capacity for 1998 taxes will be approximately $14,921,498. <br />Tyremtalamountoftaxcapacitythecitywilllos^ <br />is over $1,257,000. Thisisalossofappmx.™*'^:*^ from 14.251% to <br />than expected *ass ,ax rates remained the same, the city would have <br />Snlt'aitt!m-fnt tax'ca^ct resulting in a reduction of its tax rate to approximately <br />13.541%--‘