Laserfiche WebLink
There is great potential to increase the number of parcels adjacent to North Washington Street. <br /> Generally,the properties along that street have been developed in a manner that will allow them to be <br /> split. The minimum lot width for properties in the "Downtown Mixed Use" zone is 25 feet. If the vacant <br /> and already development properties were split into 50 foot lots,an additional 11 properties could be <br /> added to North Washington Street. <br /> s <br /> If each of the 11'parcels'was fully developed,and property values did not increase for the existing <br /> properties,only half of the required $53,625 would be generated to replace North Washington Street. <br /> Total number of potential Lots: 11 <br /> Average building value on N.Washington St. (single family only): $84,380 <br /> Total taxable value of new buildings: $928,180 <br /> Total Tax Capacity(1%,Res 1 unit): $9,281 <br /> City taxes paid/Yr(46%City Tax Rate): $4,269 <br /> Amount to roads(18%): $768 <br /> Total city taxes paid for roads over 20 years at 4%: $10,437 <br /> Current property tax Value for roads over 20 years: $11,619 <br /> Total tax money for roads(existing with potential): $22,056 <br /> Total cost for Street Maintenance:$53,625 <br />