The URL can be used to link to this page

Home My WebLink AboutSolera_Estimated Residential Property Taxes_2021Attachment 1 Solera Project Information and Potential Projected Multi-Family Housing Property Tax Exemption Based on City's Projected Assessed Values for Project October 18, 2021 Project Information (Based on Information Provided by Applicant) Current Assessed Value from King County Assessor's Office online records (2020) Solera Projected Property Tax Calculation Potential Projected Multi-Family Housing Property Tax Exemption* * Based on projected 2018 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 Four-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 Exemption Period (8 years versus 12 years) Affordable Housing Units (if applicable) Affordable Housing Units as Percentage of Total Housing Units (minimum 20%) Land SF Current Assessed Value for Land Current Assessed Value for Land per SF Current Assessed Value for Residential Improvements Current Assessed Value for Non-Residential Improvements Current Assessed Value for Residential and Non-Residential Improvements Exemption Period (8 years versus 12 years) 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 2021 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 King County Library System Renton School District #403 State of Washington School Fund Emergency Medical Service Ferry District King County Flood District Regional Transit Authority (Sound Transit) Renton Regional Fire Authority 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 Solera 2842 NE Sunset Blvd Sunset Manager LLC Sunset Area Center Village (CV) 7/1/2021 7/1/2024 New mixed-used construction 0 216 216 113 45 0 0 0 0 590 589056 150983 294654 1034693 35131 0 0 35131 1069824 0.967161888310601 3.28381116893994E-02 Residential 816 0 816 110000000 105281000 178442.3729 101.751 4719000 12 277 0.47 378631 9472800 25.0186 4634200 0 4634200 12 9472800 82500000 91972800 78960750 139830.5085 3539250 Projected 2021 Rate per $1,000 of Assessed Value 1.0801 0 1.0801 1.24688 0.11984 0.38511 0.35733 3.46969 3.08823 0.26499 0 0.08909 0.19709 0.80449 10.02274 11.10284 12 Area (Range in SF) N/A N/A N/A N/A N/A 740039 Retail Non-Residential 70 29 99 2020 King County Assessor (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 10231.5713 0 10231.5713 11811.4449 1135.2204 3648.07 3384.9156 32867.6794 29254.1851 2510.1973 0 843.9318 85455.6444 95687.2157 162.1817 Total 886 29 915 7227801205 207790 2750700 4633200 Estimated Property Tax for Residential Improvements 85285.5061 0 85285.5061 98454.58 9462.6563 30408.5744 28215.0448 273969.3247 243848.957 20923.8091 0 7034.6132 712317.5595 797603.0655 1351.8696 797603.0655 9571236.7865 16222.4352 1351.8696 85285.5061 1023426.0729 1734.6205 144.5517 722780-1235 75453 3018100 1000 Estimated Property Tax for Non-Residential Improvements 3822.7439 0 3822.7439 4413.02 424.1437 1363.0006 1264.6802 12280.1003 10930.018 937.8659 0 315.3118 31928.1405 35750.8845 60.5947 95388 3704000 0 Total Estimated Property Tax (Land & Improvements) 99339.8213 0 99339.8213 114679.0449 11022.0204 35419.645 32864.6406 319117.1044 284033.1601 24371.8723 0 8193.8568 829701.3444 929041.1657 1574.646