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SECTION III <br />ta <br />www.FinanceDTA.com <br />DESCRIPTION OF RECURRING <br />FISCAL REVENUES/COSTS <br />Major property tax assumptions are summarized in Table 4 below. <br />Table 4: Property Tax Assumptions <br />Estimated Taxable Valuation <br />Industrial Building One <br />112,230 BSF (a $389.79/BSF <br />Industrial Building Two <br />121,645 BSF (a $389.79/BSF <br />Industrial Building Three <br />79,369 BSF (a $389.79/BSF <br />Total Land Use Net Taxable Value <br />$122,100,000 <br />Secured Property Tax - Net Apportionment Factor <br />Property Tax Rate (Net of <br />to the City as a Fraction of 1.0% <br />ERAF) <br />City's General Fund <br />19.2969532380% <br />Unsecured Property Tax - Unsecured Taxes as a <br />% of Secured Property Value <br />Non -Residential Property <br />10.00% <br />Property Tax Transfer <br />Non -Residential Property Turnover Rate <br />0.00% <br />Transfer Tax as a % of Assessed Value <br />0.11% <br />Property Transfer Tax Passed Through to the City <br />50.00% <br />Property Taxes in Lieu of Vehicle License <br />Fees ("VLFs") <br />City - Total Assessed Value WY 2023-24) $34,504,366,076 <br />City - VLF Property Tax Revenues (FY 2023-24) $42,044,300 <br />VLF Property Tax In -Lieu per $1,000 Assessed Value $1.22 <br />Unsecured property taxes collected in the City are levied on tangible personal <br />property that is not secured by real estate. Specific examples of unsecured property <br />include trade fixtures such as manufacturing equipment, computers, dock <br />equipment, conveyors, forklifts, and racks and shelves. <br />A.2 Property Taxes in Lieu of VLFs <br />The passage of Prop 1A in California in 2004 enacted a constitutional amendment <br />that introduced a new methodology to calculate Property Taxes in Lieu of VLFs. Per <br />California Revenue and Taxation Code j197.70, the amount of Property Taxes in Lieu <br />of VLFs now grows in proportion to the growth rate of gross assessed valuation in a <br />city or county. Property Taxes in Lieu of VLF revenues are projected to grow with <br />the change in the Citywide gross assessed valuation of taxable property from the <br />prior FY. <br />Property Taxes in Lieu of VLF revenues constitute an addition to other property tax <br />apportionments and were calculated for the purposes of this Report at $1.22 per <br />$1,000 increase in assessed valuation on a Citywide basis. Table 4 presents details <br />EPD Solutions, Inc. May 1-7 2024 <br />South Coast Technology Center Fiscal Impact Analysis Report <br />9 <br />