HomeMy WebLinkAboutPro Rata Public Safety AllocationAnalysis 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
Estimated
Potential
Public Safety
One Time
Relief Amount
Levy Rate for
Credit
Potential
Relief/
Credit Per
$100,000
Assessed
Value
City of Rexburg 1,258,690,736$ 1,738,139$ 52,144$ 283,705$ 1,402,290$ 0.0011 111$
Madison County 2,038,139,827$ 2,301,151$ 69,035$ 232,577$ 1,999,539$ 0.0010 98$
Estimated Total 4,039,290$ 121,179$ 516,282$ 3,401,829$ 0.0021 210$
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*$524 4,190$
* Exact credit will be determined by the specific tax code for a property and will vary