| FISCAL IMPACT ASSESSMENT FOR RESIDENTIAL DEVELOPMENT |
| PER CAPITA - AVERAGE COSTING |
| | DATA INPUT SHEET |
| 1.0 | Market Value of Home |
| a | Senior Housing (over 55) |
| b | Single Family Blend | $350,000.00 |
| c | 1-2 Bedroom units |
| d | 3 bedroom units |
| e | 4 bedroom units | | DEVELOPMENT |
| f | 5+ bedroom units | | SPECIFIC |
| 2.0 | Number of new homes in development |
| a | Senior Housing (over 55) |
| b | Single Family Blend | 10 |
| c | 1-2 Bedroom units |
| d | 3 bedroom units |
| e | 4 bedroom units |
| f | 5+ bedroom units |
| 3.0 | Residential Assessment Ratio for Tax Purposes | 100.00% |
| 4.0 | Residential Tax Rate per $1,000 | $16.01 |
| 5.0 | Total Tax Levy | $32,197,462.00 |
| 6.0 | Total School Budget | 29,615,471.00 | MUNICIPAL |
| | | | DATA |
| 7.0 | School Aid from State | $12,430,645.00 |
| 8.0 | Number of School Children | 4,904 |
| 9.0 | Current Local School Cost per Student | $3,504.25 |
| 10.0 | Current State School Aid per Student | $2,534.80 |
| 11.0 | School Aged Children Multiplier |
| a | Senior Housing (over 55) | 0.00 |
| b | Single Family Blend | 0.89 |
| c | 1-2 Bedroom units | 0.24 | STANDARD |
| d | 3 bedroom units | 0.79 | MULTIPLIERS |
| e | 4 bedroom units | 1.50 |
| f | 5+ bedroom units | 2.05 |
| 12.0 | Other Misc. Revenue from Local Receipts | $10,609,073.00 |
| 13.0 | Appropriated Expenditures excluding schools | $28,921,822.00 |
| | | | MUNICIPAL |
| 14.0 | Residential Proportion of real property | 75.00% | DATA |
| 15.0 | Existing Residential Units | 7,610 |
| 16.0 | Median Home Value in Witch Hazel | $250,000 |
| | COMPUTER GENERATED CALCULATIONS |
| | FISCAL IMPACT OF RESIDENTIAL DEVELOPMENT |
| I | REVENUE FROM NEW RESIDENTIAL DEVELOPMENT |
| A. | Revenue from Property Tax on Development |
| A-1. | Market Value of Development | $3,500,000.00 |
| | multiplied by |
| A-2. | Assessment Ratio | 100.00% |
| A-3. | Actual Assessed Value | $3,500,000.00 |
| | multiplied by |
| A-4. | Residential Tax Rate /$1000 | $16.01 |
| A-5. | Estimated Property Tax Revenue | $56,035.00 |
| B. | Other Miscellaneous Revenue |
| B-1. | Miscellaneous Revenue | $10,609,073.00 |
| | multiplied by |
| B-2. | Residential Proportion of all Property | 75.00% |
| B-3. | Miscellaneous Revenue from Residential Use | $7,956,804.75 |
| | divided by |
| B-4. | Number of Residential Units | 7,610 |
| B-5. | Miscellaneous Revenue per Housing Unit | $1,045.57 |
| B-6. | Number of new homes | 10.00 |
| B-7. | Estimated Additional Miscellaneous Revenue | $10,455.72 |
| C. | Additional State School Aid |
| C-1. | State School Aid (Chapter 70) | $12,430,645.00 |
| | divided by |
| C-2. | Number of School Children | 4,904.00 |
| C-3. | School Aid per Student | $2,534.80 |
| | multiplied by |
| C-4. | Number of Students in New Development | 8.90 |
| C-5. | Estimated Additional School Aid | $22,559.69 |
| D | Total Estimated Revenue | $89,050.42 |
| II | COSTS DUE TO NEW RESIDENTIAL DEVELOPMENT |
| A. | School Costs Due to Development |
| A-1. | Current School Cost per Student | $6,039.04 |
| A-2. | Number of Students in New Development | 8.90 |
| A-3. | Total School Cost per Year | $53,747.49 |
| B. | Service Costs Due to Development |
| | (Costs associated with Library, Health, Recreation, |
| | Police, Fire and Road Maintenance) |
| B-1. | Town expenditures excluding Schools | $28,921,822.00 |
| | multiplied by |
| B-2. | Residential portion of All Property | 75.00% |
| B-3. | Service Costs due to Residential | $21,691,366.50 |
| | divided by |
| B-4. | # of Residential Units | 7,610.00 |
| B-5. | Service Cost per unit | $2,850.38 |
| B-6. | Number of Homes in New Development | 10.00 |
| B-7. | Town Service Costs for Residential units | $28,503.77 |
| III | Net Fiscal Impact Resulting from Development |
| A | Total Revenue from Residential Development | $89,050.42 |
| B | Total Costs due to Residential Development | $82,251.26 |
| C | Net Fiscal Impact per Year | $6,799.16 |
| IV. | Change in Tax Rates due to New Development |
| | (negative numbers indicate a decrease in |
| | tax payments, thus a gain to homeowner) |
| A | Change in Town Tax Rate |
| A-1. | Total Tax Levy | $32,197,462.00 |
| | divided by |
| A-2. | Tax Rate/Thousand | $16.01 |
| A-3. | Amount affecting Tax Rate | $2,011,084.45 |
| | by one dollar |
| A-4. | Net Fiscal Gain | $6,799.16 |
| | divided by |
| A-5. | Amount affecting Tax Rate | $2,011,084.45 |
| | by one dollar |
| A-6. | Change in Tax Rate | ($0.00338) |
| A-7. | Impact on Average Home Owner |
| A-8. | Cost of Home | $250,000.00 |
| A-9. | Tax Rate per 1000 at Present | $16.01 |
| A-10. | Annual Tax Payment without Further Growth | $4,002.50 |
| A-11. | Cost of Home | $250,000.00 |
| A-12. | Tax Rate per 1000 after New Development | $16.01 |
| A-13. | Annual Tax Payment after New Development | $4,001.65 |
| A-14. | Local Tax Impact after New Development | ($0.85) |
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Spring2018-CMP3400-Assignment2Spreadsheet.xls
