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Home My WebLink AboutLiberty Square Gardens_Estimated Residential Property Taxes_2022Attachment 1 Liberty Square Apartments Project Information and Potential Projected Multi-Family Housing Property Tax Exemption Based on City's Projected Assessed Values for Project March 24, 2009 - Updated March 9, 2022 Project Information (Based on Information Provided by Applicant) Current Assessed Value (from King County Assessor's Office online records) Liberty Square Apartments Projected Property Tax Calculation Potential Projected Multi-Family Housing Property Tax Exemption* * Based on projected 2022 Property Tax Rates, but subject to change in the future based on new tax rates and/or changes in the project's assessed value. Project Name Street Address Owner Residential Targeted Area Zoning King County Assessor's parcel account number(s) Brief Project Description Estimated Construction Start Date Estimated Completion Date Type of Project Residential Unit Breakdown Studio Apartments One-Bedroom Apartments Two-Bedroom Apartments Three-Bedroom Apartments Studio Town House One-Bedroom Town House Two-Bedroom Town House Three-Bedroom Town House Total Residential Units Planned Building Improvements Residential Units SF Residential Common Areas SF Residential Structured Parking SF Sub-Total Residential SF Non-Residential SF Non-Residential Common Area SF Non-Residential Structured Parking SF Sub-Total Non-Residential SF Total Residential & Non-Residential SF Residential Percentage of Project Retail/Commercial Percentage of Project Parking Stalls Structured Parking Surface Parking Totals Projected Total Cost of All Improvements (New Construction/Rehabilitation) Projected Cost of Residential Improvements Projected Cost of Residential Improvements per Housing Unit Projected Cost of Residential Improvements per SF Projected Cost of Non-Residential Improvements Affordable Housing Number of Total Housing Units Percentage of Total Housing Units (minimum 20%) Maximum Percentage of Area Median Income Is project eligible for 12-year property tax exemption? Exemption Period (8 years versus 12 years) Land SF Current Assessed Value for Land (2022) Current Assessed Value for Land per SF (2022) Current Assessed Value for Residential Improvements (2022) Current Assessed Value for Non-Residential Improvements (2009) Current Assessed Value for Residential and Non-Residential Improvements (2009) Current Assessed Value for Land & All Improvements (2009) Exemption Period (8 years versus 12 years) Estimated Assessed Value for Land after Construction/Rehabilitation Estimated Assessed Value for Residential Improvements after Construction Estimated Assessed Value for All Residential Improvements per Housing Unit Estimated Assessed Value for Non-Residential Improvements after Construction Estimated Assessed Value for All Improvements after Construction/Rehabilitation Total Estimated Assessed Value for Land & All Improvements after Construction/Rehabilitation Breakdown of Projected Property Tax (Based on Projected 2022 Property Tax Rates) City of Renton – General Levy City of Renton – Special Levy Total City of Renton property tax King County Port of Seattle Hospital District #1 Renton School District #403 State of Washington School Fund Emergency Medical Service King County Flood District Sound Transit Regional Fire Authority Library Sub-total other property tax Total Property Tax Estimated Annual Property Tax per Housing Unit Exemption Period (8 years versus 12 years) Annual Estimated Property Tax Savings for Residential Improvements Total Exemption Period Estimated Property Tax Savings for Residential Improvements Total Exemption Period Estimated Property Tax Savings per Housing Unit Annual Estimated Property Tax Savings per Housing Unit City of Renton Portion of Annual Estimated Property Tax Savings for Residential Improvements City of Renton Portion of Total Exemption Period Estimated Property Tax Savings for Residential Improvements City of Renton Portion of Total Exemption Period Estimated Property Tax Savings per Housing Unit City of Renton Portion of Annual Estimated Property Tax Savings per Housing Unit Liberty Square Apartments 415 & 417 Williams Avenue S, Renton, WA 98055 Renton Fifth and Williams Limited Partnership Downtown Center Downtown (CD) 7231502430 The property consists of two four-story residential structures built on a landscaped podium above one-story of street-level structured parking. The project includes 92 apartment units, 139,317 sf of residential space, and 123 structured parking spaces. January 2007 August 2008 Residential Rental 6 54 32 0 0 0 0 0 92 92652 9927 36738 139317 0 0 0 0 139317 1 0 Residential 123 0 123 17515052 17515052 190381 125.7209 0 92 1 0.6 Yes 12 40276 804600 19.9772 20202600 0 20202600 21007200 12 804600 20202600 219593.4783 0 20202600 21007200 Projected 2022 Rate per $1,000 of Assessed Value 1.0057 0 1.0057 1.22827 0.11258 0.35434 3.5512 2.81695 0.24841 0.08146 0.18409 0.73676 0.32757 9.6416 10.6474 (Certificate of Occupancy issued September 15, 2008) Area (Range in SF) 476 668 to 863 832 to 1,099 N/A N/A N/A N/A N/A Retail Non-Residential 0 0 0 (Reflects current 2022 land assessed value) (Reflects current 2022 improvements assessed value) (Reflects current 2022 improvements assessed value) (Reflects current 2022 improvements assessed value) (Reflects current 2022 post-construction land and improvements assessed values) Estimated Property Tax for Land 809.2264 0 809.2264 988.266 90.5819 285.102 2857.2955 2266.518 199.8707 65.5427 148.1188 592.7971 263.5628 7757.6555 8566.8819 93.1183 Total 123 0 123 Estimated Property Tax for Residential Improvements 20318.765 0 20318.765 24814.2475 2274.4087 7158.5893 71743.4731 56909.7141 5018.5279 1645.7038 3719.0966 14884.4676 6617.7657 194785.9942 215104.7592 2338.0952 12 215104.7592 2581257.1103 28057.1425 2338.0952 20318.765 243825.1794 2650.2737 220.8561 Estimated Property Tax for Non-Residential Improvements 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Estimated Property Tax (Land & Improvements) 21127.9914 0 21127.9914 25802.5135 2364.9906 7443.6912 74600.7686 59176.232 5218.3986 1711.2465 3867.2154 15477.2647 6881.3285 202543.6497 223671.6411 2431.2135 Pre-Construction Assessed Values (Year) (2007) 483300 11.9997 0 0 0 (2006) 402700 9.9985 0 0 0 2005) 402700 9.9985 209900 0 209900 Liberty Square Apartments Project Information and Potential Projected Multi-Family Housing Property Tax Exemption Based on City's Projected Assessed Values for Project March 24, 2009 - Updated March 9, 2022 Project Information (Based on Information Provided by Applicant) Current Assessed Value (from King County Assessor's Office online records) Current Property Taxes (Pre-Development) Comparison of Current (Pre-Development) Property Taxes versus Projected (Post-Development) Property Taxes Liberty Square Apartments Projected Property Tax Calculation Potential Projected Multi-Family Housing Property Tax Exemption* NOTE: FOR LIBERTY SQUARE APARTMENTS, DISREGARD THESE FIGURES. USE THE FIGURES ABOVE BASED ON THE ACTUAL POST-CONSTRUCTION (2009) ASSESSED VALUES * Based on projected 2022 Property Tax Rates, but subject to change in the future based on new tax rates and/or changes in the project's assessed value. Project Name Street Address Owner Residential Targeted Area Zoning Brief Project Description Estimated Construction Start Date Estimated Completion Date Type of Project Residential Unit Breakdown Studio Apartments One-Bedroom Apartments Two-Bedroom Apartments Three-Bedroom Apartments Studio Town House One-Bedroom Town House Two-Bedroom Town House Three-Bedroom Town House Total Residential Units Planned Building Improvements Residential Units SF Residential Common Areas SF Residential Structured Parking SF Sub-Total Residential SF Non-Residential SF Non-Residential Common Area SF Non-Residential Structured Parking SF Sub-Total Non-Residential SF Total Residential & Non-Residential SF Residential Percentage of Project Retail/Commercial Percentage of Project Parking Stalls Structured Parking Surface Parking Totals Projected Total Cost of All Improvements (New Construction/Rehabilitation) Projected Cost of Residential Improvements Projected Cost of Residential Improvements per Housing Unit Projected Cost of Residential Improvements per SF Projected Cost of Non-Residential Improvements Affordable Housing Number of Total Housing Units Percentage of Total Housing Units (minimum 20%) Maximum Percentage of Area Median Income Is project eligible for 12-year property tax exemption? Exemption Period (8 years versus 12 years) Land SF Current Assessed Value for Land (2022) Current Assessed Value for Land per SF (2022) Current Assessed Value for Residential Improvements (2022) Current Assessed Value for Non-Residential Improvements (2009) Current Assessed Value for Residential and Non-Residential Improvements (2009) Current Assessed Value for Land & All Improvements (2009) Breakdown of Projected Property Tax (Based on Projected 2022 Property Tax Rates) City of Renton – General Levy City of Renton – Special Levy Total City of Renton property tax King County Port of Seattle Hospital District #1 Renton School District #403 State of Washington School Fund Emergency Medical Service Sub-total other property tax Total Property Tax Total Projected (Post-Development) Property Taxes (for the non-residential improvements only) (Based on 75% of projected construction costs) Difference between current (pre-development) and post-development City of Renton Portion of Projected (Post-Development) Property Taxes (for the non-residential improvements only) (Based on 75% of projected construction costs) Difference between current (pre-development) and post-development Estimated Assessed Value for Land after Construction/Rehabilitation Estimated Assessed Value for All Improvements after Construction/Rehabilitation Total Estimated Assessed Value for Land & All Improvements after Construction/Rehabilitation Estimated Assessed Value for Residential Improvements after Construction Estimated Assessed Value for All Residential Improvements per Housing Unit Estimated Assessed Value for Non-Residential Improvements after Construction Breakdown of Projected Property Tax (Based on Projected 2022 Property Tax Rates) City of Renton – General Levy City of Renton – Special Levy Total City of Renton property tax King County Port of Seattle Hospital District #1 Renton School District #403 State of Washington School Fund Emergency Medical Service Sub-total other property tax Total Property Tax Estimated Annual Property Tax per Housing Unit Exemption Period (8 years versus 12 years) Annual Estimated Property Tax Savings for Residential Improvements Total Exemption Period Estimated Property Tax Savings for Residential Improvements Total Exemption Period Estimated Property Tax Savings per Housing Unit Annual Estimated Property Tax Savings per Housing Unit City of Renton Portion of Annual Estimated Property Tax Savings for Residential Improvements City of Renton Portion of Total Exemption Period Estimated Property Tax Savings for Residential Improvements City of Renton Portion of Total Exemption Period Estimated Property Tax Savings per Housing Unit City of Renton Portion of Annual Estimated Property Tax Savings per Housing Unit Liberty Square Apartments 415 & 417 Williams Avenue S, Renton, WA 98055 Renton Fifth and Williams Limited Partnership Downtown Center Downtown (CD) The property consists of two four-story residential structures built on a landscaped podium above one-story of street-level structured parking. The project includes 92 apartment units, 139,317 sf of residential space, and 123 structured parking spaces. January 2007 August 2008 Residential Rental 6 54 32 0 0 0 0 0 92 92652 9927 36738 139317 0 0 0 0 139317 1 0 Residential 123 0 123 17515052 17515052 190381 125.7209 0 92 1 0.6 Yes 12 40276 804600 19.9772 20202600 0 20202600 21007200 NOTE: FOR LIBERTY SQUARE APARTMENTS, BASED ON POST-CONSTRUCTION (2009) ASSESSED VALUES Projected 2022 Rate per $1,000 of Assessed Value 1.0057 0 1.0057 1.22827 0.11258 0.35434 3.5512 2.81695 0.24841 9.6416 10.6474 NOTE: FOR LIBERTY SQUARE APARTMENTS, DISREGARD THESE FIGURES. USE THE FIGURES ABOVE BASED ON THE ACTUAL POST-CONSTRUCTION (2009) ASSESSED VALUES 804600 13136289 13940889 13136289 142785.75 0 Projected 2022 Rate per $1,000 of Assessed Value 1.0057 0 1.0057 1.22827 0.11258 0.35434 3.5512 2.81695 0.24841 9.6416 10.6474 (Certificate of Occupancy issued September 15, 2008) Area (Range in SF) 476 668 to 863 832 to 1,099 N/A Retail Non-Residential 0 0 0 0 Estimated Property Tax for Land 809.2264 0 809.2264 988.266 90.5819 285.102 2857.2955 2266.518 199.8707 6687.634 7496.8605 7496.8605 0 809.2264 0 (Reflects current land value but subject to increase based on increased improvements to site) (Estimated by City at 75% of projected construction costs) (Estimated by City at 75% of projected construction costs, plus current land value) (Estimated by City at 75% of projected construction costs) (Estimated by City at 75% of projected construction costs) Estimated Property Tax for Land 809.2264 0 809.2264 988.266 90.5819 285.102 2857.2955 2266.518 199.8707 6687.634 7496.8605 81.4876 Total 123 0 123 Estimated Property Tax for Residential Improvements 20318.765 0 20318.765 24814.2475 2274.4087 7158.5893 71743.4731 56909.7141 5018.5279 167918.9605 188237.7255 2274.4087 -185963.3168 20318.765 0 Estimated Property Tax for Residential Improvements 13211.8227 0 13211.8227 16134.9097 1478.8834 4654.7126 46649.5895 37004.2693 3263.1856 109185.5501 122397.3728 1330.4062 12 122397.3728 1468768.4731 15964.8747 1330.4062 13211.8227 158541.8719 1723.2812 143.6068 Estimated Property Tax for Non-Residential Improvements 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Estimated Property Tax for Non-Residential Improvements 0 0 0 0 0 0 0 0 0 0 0 0 Total Estimated Property Tax (Land & Improvements) 21127.9914 0 21127.9914 25802.5135 2364.9906 7443.6912 74600.7686 59176.232 5218.3986 174606.5946 195734.586 9771.2692 -185963.3168 21127.9914 0 Total Estimated Property Tax (Land & Improvements) 14021.0491 0 14021.0491 17123.1757 1569.4653 4939.8146 49506.885 39270.7873 3463.0562 115873.1841 129894.2333 1411.8938 Liberty Square Apartments Potential Projected Multi-Family Housing Property Tax Exemption Based on Applicant's Projected Assessed Values for Project March 24, 2009 - Updated March 9, 2022 Project Information (Based on Information Provided by Applicant) Current Assessed Value (from King County Assessor's Office online records) Liberty Square Apartments Projected Property Tax Calculation (Based on Applicant's Projected Assessed Values) Potential Projected Multi-Family Housing Property Tax Exemption* * Based on projected 2022 Property Tax Rates, but subject to change in the future based on new tax rates and/or changes in the project's assessed value. Project Name Street Address Owner Number of Housing Units Land SF Current Assessed Value for Land (2022) Current Assessed Value for Land per SF Current Assessed Value for Residential and Non-Residential Improvements (2009) Applicant's Estimated Assessed Value for Land after Construction/Rehabilitation Applicant's Estimated Assessed Value for All Improvements after Construction/Rehabilitation Applicant's Estimated Assessed Value for Land & All Improvements after Construction/Rehabilitation Applicant's Estimated Assessed Value for Residential Improvements after Construction/Rehabilitation Applicant's Estimated Assessed Value for Non-Residential Improvements after Construction/Rehabilitation Applicant's Estimated Assessed Value for All Residential Improvements per Housing Unit Breakdown of Projected Property Tax (Based on Projected 2022 Property Tax Rates) City of Renton – General Levy City of Renton – Special Levy Total City of Renton property tax King County Port of Seattle Hospital District #1 Renton School District #403 State of Washington School Fund Emergency Medical Service Sub-total other property tax Total Property Tax Estimated Annual Property Tax per Housing Unit Exemption Period (8 years versus 12 years) Annual Estimated Property Tax Savings for Residential Improvements Total Exemption Period Estimated Property Tax Savings for Residential Improvements Total Exemption Period Estimated Property Tax Savings per Housing Unit Annual Estimated Property Tax Savings per Housing Unit City of Renton Portion of Annual Estimated Property Tax Savings for Residential Improvements City of Renton Portion of Total Exemption Period Estimated Property Tax Savings for Residential Improvements City of Renton Portion of Total Exemption Period Estimated Property Tax Savings per Housing Unit City of Renton Portion of Annual Estimated Property Tax Savings per Housing Unit Liberty Square Apartments 415 & 417 Williams Avenue S, Renton, WA 98055 Renton Fifth and Williams Limited Partnership 92 40276 804600 19.9772 20202600 1200000 18000000 19200000 18000000 0 195652.1739 Projected 2022 Rate per $1,000 of Assessed Value 1.0057 0 1.0057 1.22827 0.11258 0.35434 3.5512 2.81695 0.24841 9.6416 10.6474 0 Estimated Property Tax for Land 1206.9 0 1206.9 1473.924 135.096 425.208 4261.44 3380.34 298.092 9974.1 11181 121.5326 Estimated Property Tax for Residential Improvements 18103.5 0 18103.5 22108.86 2026.44 6378.12 63921.6 50705.1 4471.38 149611.5 167715 1822.9891 12 167715 2012580 21875.8696 1822.9891 18103.5 217242 2361.3261 196.7772 Estimated Property Tax for Non-Residential Improvements 0 0 0 0 0 0 0 0 0 0 0 0 Total Estimated Property Tax (Land & Improvements) 19310.4 0 19310.4 23582.784 2161.536 6803.328 68183.04 54085.44 4769.472 159585.6 178896 1944.5217 For Reference Purposes Only - need to update with latest figures From Harrington Square project analysis (8/31/2007) Property Big 5 Burnett Place Renaissance Includes 53,847 sf or parking at $7.60/sf and 33,761 sf for residential at $20/sf Bristol I Bristol II Land Value 219600 506000 1084200 1738900 2953000 SF 10981 25300 87608 96607 164060 Land Value/SF 19.9982 20 12.3756 17.9997 17.9995 Say 20 20 20 18 18