How The Microsoft Project Will Affect Quincy Taxpayers
Jul 19, 2006
Grant County assessor Laure Grammer addressed the EDC Board of Directors today and demonstrated how the Microsoft Project in Quincy can save local residents money come tax time.
Grammer explained that every year each taxing district is limited to a 1% growth in dollars. This means that if the taxing district collected $100 last year, the most they can collect this year is $101.
Continuing with this example the next step is to calculate the taxes per $1,000 of assessed value. This is done by taking the $101 tax, dividing it by the assessed value of the district, and then multiplying that number by 1,000.
This means that if the assessed value in Quincy were $300,000, then the tax would be 33.6 cents per $1,000 ($101 ÷ $300,000 x $1,000). Now add in Microsoft’s investments which nearly double the assessed value in Quincy and the tax drops down to around 16.8 cents per $1,000 ($101 ÷ $600,000 x $1,000).
Using numbers from the real world, Grammer showed the tax per $1,000 in Quincy dropping from $5.90 (the maximum amount allowed by law) to $3.68 after the Microsoft investment.
This is $2.22 less then the $5.90 maximum amount allowed by law. The City could choose to bring the total tax back up to $5.90 by creating new taxing districts like a Fire District and a Parks and Recreation District; or the City could do nothing and save all their taxpayers $2.22 per $1,000 in taxes (a $150,000 home would save $331 each year).
Whatever the City of Quincy decides to do its residents will be better off by having the Microsoft project in town driving the tax rates for the average person.
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