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TABLE 2A
<br />ESTIMATE OF REVENUES FROM PROPERTY TAXES
<br />2020 E. 1ST STREET - FISCAL IMPACT ANALYSIS
<br />PROPOSED RESIDENTIAL PROJECT
<br />Property Tax Levy 1.00%In-Lieu Property Tax Per $1,000 of Transfer Tax Rate (d)0.055%
<br />City Portion (b)17.27%AV Growth (c)$1.3547 Turnover Rate (e)10.00%
<br />Floor Plan
<br />Unit
<br />Mix (a)
<br />Assessed
<br />Value (a)
<br />Total
<br />Assessed
<br />Value
<br />Property Tax
<br />Revenue/
<br />Unit
<br />Property Tax
<br />Revenue at
<br />Buildout
<br />Property Tax
<br />In-Lieu
<br />Revenues/ Unit
<br />In-Lieu
<br />Property
<br />Revenues at
<br />Buildout
<br />Property
<br />Transfer Tax
<br />Revenue/Unit
<br />Property
<br />Transfer Tax
<br />Revenue at
<br />Buildout
<br />Plan 1 10 $835,000 $8,350,000 $1,442 $14,422 $1,131 $11,312 $46 $459
<br />Plan 2 32 $890,000 $28,480,000 $1,537 $49,191 $1,206 $38,583 $49 $1,566
<br />Plan 3 33 $980,000 $32,340,000 $1,693 $55,858 $1,328 $43,813 $54 $1,779
<br />Plan 4 6 $1,085,000 $6,510,000 $1,874 $11,244 $1,470 $8,819 $60 $358
<br />Plan 1A 2 $193,000 $386,000 $333 $667 $261 $523 $0 $0
<br />Plan 2A 2 $219,000 $438,000 $378 $757 $297 $593 $0 $0
<br />Plan 3A 1 $240,000 $240,000 $415 $415 $325 $325 $0 $0
<br />Total at Buildout 86 $76,744,000 $132,553 $103,969 $4,162
<br />Less Existing Assessed Value (f)-$14,497,918 -$25,041 -$19,641 $0
<br />Total Increase to General Fund $62,246,082 $107,512 $84,328 $4,162
<br />Footnotes:
<br />(a) Unit mix and assessed value based on information received from Developer. Plans 1A, 2A, & 3A represent affordable housing units.
<br />(d) Transfer tax is 0.11% of the sale price of residential property and the City receives 50% of the taxed amount.
<br />(e) Assumes a 10% turnover rate each year.
<br />(f) Project site has assessed value of $14,497,918 per the 2024-25 property tax bill.
<br />(c) AV Growth is calculated by taking the Property Taxes-In Lieu amount of $44,009,010, from the Adopted FY 2024-25 Budget, divided by the City AV Estimate of $32,485,033,990, from the 2023-2024
<br />District Values for Publication of Assessed Valuations Booklet Equalized Roll Values from the Orange County Auditor Controller, multiplied by $1,000 to equal $1.3547 of every $1,000 of AV Growth.
<br />(b) The Project's Tax Rate Area for the subject property has a property tax rate of 17.27%.
<br />
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<br />City Council 24 – 279 4/15/2025
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