HomeMy WebLinkAboutPro Rata Public Safety Allocation as of 8-18-20Analysis of Estimated One Time Property Tax Credit for Rexburg and Madison County-FY21 Budget
Net Taxable
Assessed Value-
From 10-9-19
State Certified
Amount (Will be
updated in
September)
Estimated
Public Safety
One Time
Relief Amount
Less 3%
Admin-
istrative
Expense
Less Urban
Renewal
Allocation to
Make Whole
as per
Governors
Order (TBD)
Estimated
Potential
Public Safety
One Time
Relief Amount
Levy Rate for
Credit
Potential
Relief/
Credit Per
$100,000
Assessed
Value
City of Rexburg 1,258,690,736$ 2,328,872$ 69,866$ 380,127$ 1,878,879$ 0.0015 149$
Madison County 2,038,139,827$ 1,710,418$ 51,313$ 172,872$ 1,486,233$ 0.0007 73$
Estimated Total 4,039,290$ 121,179$ 552,999$ 3,365,112$ 0.0022 222$
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*$555 4,444$
* Exact credit will be determined by the specific tax code for a property and will vary