HomeMy WebLinkAboutSunset Terrace_Estimated Residential Property Taxes_2021Attachment 1
Merrill Gardens at Renton Addition
Project Information and Potential Projected Multi-Family Housing Property Tax Exemption
Based on City's Projected Assessed Values for Project
October 26, 2018
Project Information (Based on Information Provided by Applicant)
Current Assessed Value from King County Assessor's Office online records (2016)
Sunset Terrace
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
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
Sunset Terrace
2715 Sunset Lane NE
Colpitts Sunset LLC
Sunset Area
Center Village (CV)
New mixed-used construction
24
55
25
0
0
4
0
0
108
84194
32415
32756
149365
3959
0
5118
9077
158442
0.942710897363073
5.72891026369271E-02
Residential
108
0
108
37991702
36092117
334186.2685
241.637
1899585
8
0
0
26378
609700
23.114
0
0
0
8
609700
28493776.5
29103476.5
27069087.75
263831.2639
1424688.75
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
8
Area (Range in SF)
N/A
N/A
N/A
N/A
N/A
116609
Retail
Non-Residential
8
0
8
2020 King County Assessor
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
658.537
0
658.537
760.2227
73.0664
234.8016
217.8641
2115.47
1882.8938
161.5644
0
54.3182
5500.2013
6158.7382
57.0254
Total
116
0
116
Estimated Property Tax for Residential Improvements
29237.3217
0
29237.3217
33751.9041
3243.9595
10424.5764
9672.5971
93921.3431
83595.5689
7173.0376
0
2411.585
244194.5716
273431.8933
2531.7768
273431.8933
2187455.1466
20254.2143
2531.7768
29237.3217
233898.5734
2165.7275
270.7159
Estimated Property Tax for Non-Residential Improvements
1538.8063
0
1538.8063
1776.4159
170.7347
548.6619
509.084
4943.2283
4399.7665
377.5283
0
126.9255
12852.3452
14391.1515
133.2514
Total Estimated Property Tax (Land & Improvements)
31434.665
0
31434.665
36288.5428
3487.7606
11208.0398
10399.5453
100980.0414
89878.2292
7712.1302
0
2592.8287
262547.1181
293981.783
2722.0535