HomeMy WebLinkAboutPro Rata Public Safety Allocation (2)Analysis of Estimated One Time Property Tax Credit for Rexburg and Madison County-FY21 Budget
93%
Net Taxable
Assessed Value-
From 10-9-19
State Certified
Amount (Will be
updated in
September)
Estimated Public
Safety One Time
Relief Amount
(May be reduced by
3% admin costs)
Estimated Public Safety One
Time Relief Amount For
Property Within City (Exclude
Fire District)
Levy Rate for
Credit
Relief/
Credit Per
$100,000
Assessed
Value
City of Rexburg 1,258,690,736$ 2,328,872$ 2,174,373$ 0.0017 173$
Madison County 2,038,139,827$ 1,710,418$ 0.0008 84$
Estimated Total 4,039,290$ 2,174,373$ 0.0026 257$
Potential Credit Examples
City Home Assessed Value $350,000 City Business Assessed Value 2,000,000$
Less Home Owners
Exemption ($100,000)
City Net Assessed Value $250,000
City/County Share*$642 5,133$
Analysis of Lost City Property Tax Revenue by Not Taking 3% Increase
3%
Count Year Lost Revenue**Running Total
1 2021 158,351$ 158,351$
2 2022 163,102$ 321,453$
3 2023 167,995$ 489,447$
4 2024 173,034$ 662,482$
5 2025 178,225$ 840,707$
6 2026 183,572$ 1,024,279$
7 2027 189,079$ 1,213,359$
8 2028 194,752$ 1,408,110$
9 2029 200,594$ 1,608,705$
10 2030 158,352$ 1,767,057$
11 2031 163,103$ 1,930,159$
12 2032 167,996$ 2,098,155$
13 2033 173,036$ 2,271,190$
2,271,190$
** The $158,351 not taken in 2021 may become foregone as per my conversation with Colby at the Division of
Financial Management at the Governors Office and could be added back to the budget if needed in future years
through a resolution and public hearing process.
* Exact credit will be determined by the specific tax code for a property and will vary