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WWTP Rate vs. Property Tax Comparison
Preliminary Estimate of Sewer Rate and Property Tax Impacts Residential Properties of Various Market Values
Preliminary Estimate of Sewer Rate and Property Tax Impacts
Residential Properties of Various Market Values
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| General Obligation Bonds | ||||
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| (Property Tax) | ||||
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| Revenue Bonds | Sewer Rate | Property Tax | Total | ||
Market | Assessed | (Sewer Rates) | per Month | Annual | Month | Month | |
Tax Rate per | $1,000 AV |
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| 3.00 | 0.23 |
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74,600 | 50,000 | $80.00 | 33.00 | 140.00 | 12.00 | $45.00 | |
111,900 | 75,000 | $80.00 | 33.00 | 210.00 | 18.00 | $51.00 | |
149,300 | 100,000 | $80.00 | 33.00 | 280.00 | 23.00 | $56.00 | |
186,600 | 125,000 | $80.00 | 33.00 | 350.00 | 29.00 | $62.00 | |
223,900 | 150,000 | $80.00 | 33.00 | 420.00 | 35.00 | $68.00 | |
261,200 | 175,000 | $80.00 | 33.00 | 490.00 | 41.00 | $74.00 | |
298,500 | 200,000 | $80.00 | 33.00 | 560.00 | 47.00 | $80.00 | |
335,800 | 225,000 | $80.00 | 33.00 | 630.00 | 53.00 | $86.00 | |
373,100 | 250,000 | $80.00 | 33.00 | 700.00 | 58.00 | $91.00 | |
410,400 | 275,000 | $80.00 | 33.00 | 770.00 | 64.00 | $97.00 | |
447,800 | 300,000 | $80.00 | 33.00 | 840.00 | 70.00 | $103.00 | |
485,100 | 325,000 | $80.00 | 33.00 | 910.00 | 76.00 | $109.00 | |
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Notes: Tax Rate is $2.80 per $1,000 of Assessed Value. | |||||||
The assessed value of a residential property is about 67 percent of its market value. | |||||||
All figures are approximate and preliminary. Rates and taxes are rounded up to nearest $1.00. | |||||||
The final sewer rate for the revenue bonds and the tax rate for the GO bonds will depend on several factors, including, the final cost of construction, available grants, the interest rate, term of the bonds, and the rate of new development and rate of appreciation of real taxable property. | |||||||
What is the difference in cost?
For most Rainier property owners and renters, the annual cost will be less if the plant is financed using property taxes instead of using sewer rates. This is because industrial property would contribute more revenue to the project through property taxes than they would contribute through sewer rates. That results in a lower overall cost to most residential properties.
Bottom line: If voters approve a property tax measure, it will cost most people less.
Example Comparison: Sewer Rates vs. Property Taxes
For a Single Family House, Market Value $186,600 (assessed at $125,000), using an average amount of water:
Property Tax Example:
Monthly Sewer Bill Monthly Property Tax Total Cost
$33.00 $29.00 $62.00
Sewer Rate Example:
Monthly Sewer Bill Monthly Property Tax Total Cost
$80.00 $0.00 $80.00
The table below lets you compare the cost for different types of homes. Single family homes whose market value is more than $300,000 would pay more in property taxes than they would in sewer rates. Only a small percentage of homes in Rainier are valued above $300,000.
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|
| General Obligation Bonds | ||||
|
|
| (Property Tax) | ||||
|
| Revenue Bonds | Sewer Rate | Property Tax | Total | ||
Market | Assessed | (Sewer Rates) | per Month | Annual | Month | Month | |
Tax Rate per | $1,000 AV |
|
| 3.00 | 0.23 |
| |
74,600 | 50,000 | $80.00 | 33.00 | 140.00 | 12.00 | $45.00 | |
111,900 | 75,000 | $80.00 | 33.00 | 210.00 | 18.00 | $51.00 | |
149,300 | 100,000 | $80.00 | 33.00 | 280.00 | 23.00 | $56.00 | |
186,600 | 125,000 | $80.00 | 33.00 | 350.00 | 29.00 | $62.00 | |
223,900 | 150,000 | $80.00 | 33.00 | 420.00 | 35.00 | $68.00 | |
261,200 | 175,000 | $80.00 | 33.00 | 490.00 | 41.00 | $74.00 | |
298,500 | 200,000 | $80.00 | 33.00 | 560.00 | 47.00 | $80.00 | |
335,800 | 225,000 | $80.00 | 33.00 | 630.00 | 53.00 | $86.00 | |
373,100 | 250,000 | $80.00 | 33.00 | 700.00 | 58.00 | $91.00 | |
410,400 | 275,000 | $80.00 | 33.00 | 770.00 | 64.00 | $97.00 | |
447,800 | 300,000 | $80.00 | 33.00 | 840.00 | 70.00 | $103.00 | |
485,100 | 325,000 | $80.00 | 33.00 | 910.00 | 76.00 | $109.00 | |
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Notes: Tax Rate is $2.80 per $1,000 of Assessed Value. | |||||||
The assessed value of a residential property is about 67 percent of its market value. | |||||||
All figures are approximate and preliminary. Rates and taxes are rounded up to nearest $1.00. | |||||||
The final sewer rate for the revenue bonds and the tax rate for the GO bonds will depend on several factors, including, the final cost of construction, available grants, the interest rate, term of the bonds, and the rate of new development and rate of appreciation of real taxable property. | |||||||
What is the difference in cost?
For most Rainier property owners and renters, the annual cost will be less if the plant is financed using property taxes instead of using sewer rates. This is because industrial property would contribute more revenue to the project through property taxes than they would contribute through sewer rates. That results in a lower overall cost to most residential properties.
Bottom line: If voters approve a property tax measure, it will cost most people less.
Example Comparison: Sewer Rates vs. Property Taxes
For a Single Family House, Market Value $186,600 (assessed at $125,000), using an average amount of water:
Property Tax Example:
Monthly Sewer Bill Monthly Property Tax Total Cost
$33.00 $29.00 $62.00
Sewer Rate Example:
Monthly Sewer Bill Monthly Property Tax Total Cost
$80.00 $0.00 $80.00
There is a table on the back that lets you compare the cost for different types of homes. Single family homes whose market value is more than $300,000 would pay more in property taxes than they would in sewer rates. Only a small percentage of homes in Rainier are valued above $300,000.