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Avon Free Public Library

Renovations, Additions and Improvements Project

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The following form is designed to calculate the estimated total tax impact of the project over a 17-year period based on the current assessed value of a home and using the following footnotes:

Footnotes

Financing -- Project anticipated to be financed with short-term notes for 2 years and a $8,000,000 16-year bond issue dated June 2012. Bond interest rate projected to be 4.77%
Adjustment: House value assessment adjusted in revaluation years, FY 2014-15, FY 2019-20 and FY 2024-25.
Assessed Values: All property is assessed at a uniform rate of 70% of present true and actual value in the year of the Revaluation, per Title 12, Section 12-623, Subsection 2, of the Connecticut State Statutes.
Underlying Assumptions: Grand List estimated at 0.50% increase in non-revaluation years, revaluation years estimated at a 5% to 10% Grand List increase, due to market appreciation, per Assessor. Fluctuations in costs due to debt service structures.

Total Estimated Project Costs

Construction Estimate	$ 7,454,713.00
Add: Project Costs (architectural fees, special inspections, bonding, legal & contingency fees)	+ $ 2,045,287.00
Subtotal	= $ 9,500,000.00
Add: Interest on Debt	+ $ 3,735,425.00
Add: Pre-Referendum Costs	+ $ 70,000.00
Subtract: State Grant and Fundraising	- $ 1,500,000.00
Total Estimated Project Cost	= $11,805,425.00

How to Use This Calculator

Input the assessed value of your home below and click once on the "Calculate" button. Only enter numbers; do not enter commas or dollar signs. Do not enter anything into the "Results" section, as this is calculated data. The default values below are based upon a home with an estimated market value of $350,000 (assessed value of $245,000).

Enter Your Assessed Value

Assessed Value (70% of estimated market value)
Calculate Proposed Increase (results below)

Results

FY	Grand List Year	% of GL Increase	Debt Service Amount	/	Grand List	=	Proposed Mill Increase	X	House Value (Assessment) **	=	Proposed Tax Increase
09-10	2008 *	15.21%		/	2,605,775,050	=		X		=
10-11	2009	0.50%	184,000	/	2,618,803,925	=	0.0000703	X		=
11-12	2010	0.50%	208,000	/	2,631,897,945	=	0.0000790	X		=
12-13	2011	0.50%	355,600	/	2,645,057,435	=	0.0001344	X		=
13-14	2012	0.50%	905,600	/	2,658,282,722	=	0.0003407	X		=
14-15	2013 *	5.00%	788,825	/	2,791,196,858	=	0.0002826	X		=
15-16	2014	0.50%	724,200	/	2,805,152,842	=	0.0002582	X		=
16-17	2015	0.50%	910,200	/	2,819,178,606	=	0.0003229	X		=
17-18	2016	0.50%	888,000	/	2,833,274,499	=	0.0003134	X		=
18-19	2017	0.50%	864,600	/	2,847,440,872	=	0.0003036	X		=
19-20	2018 *	10.00%	838,800	/	3,132,184,959	=	0.0002678	X		=
20-21	2019	0.50%	811,800	/	3,147,845,884	=	0.0002579	X		=
21-22	2020	0.50%	783,900	/	3,163,585,113	=	0.0002478	X		=
22-23	2021	0.50%	755,100	/	3,179,403,039	=	0.0002375	X		=
23-24	2022	0.50%	725,700	/	3,195,300,054	=	0.0002271	X		=
24-25	2023 *	10.00%	695,100	/	3,514,830,059	=	0.0001978	X		=
25-26	2024	0.50%	663,900	/	3,532,404,210	=	0.0001879	X		=
26-27	2025	0.50%	632,100	/	3,550,066,231	=	0.0001781	X		=

Total Tax Increase Over 17-Year Period

Revaluation Year

Default values based upon an initial market value of $350,000. House Value Assessment adjusted in re-evaluation years.

NOTE: Calculations used on this form are rounded to the nearest penny and may differ from the true calculations.

Avon Town Hall 60 West Main Street (Route 44) Avon, CT 06001

Phone: 860-409-4300 Fax: 860-409-4368

Virtual Town Hall Website