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<br /> <br /> <br />2004 Assessment Policy – Page 3 <br />Street Reconstruction <br /> <br />A. Residential Equivalent Assessment Rate <br /> <br />All R-1 and R-2 residentially zoned properties with frontage abutting a street that is <br />reconstructed shall be assessed on a per unit basis at the residential equivalent assessment <br />rate. <br /> <br />This rate shall apply, regardless of the street's classification (local, collector, arterial, trunk <br />highway); designation (County State-Aid Highway, Municipal State-Aid Street); or <br />jurisdiction (State, County or City). <br /> <br />The residential equivalent assessment rate shall be based on fifty percent (50%) of the total <br />cost of street reconstruction, including all associated overhead costs for a typical residential <br />street section. This residential equivalent assessment rate shall be determined by the City <br />Council. <br /> <br /> <br />B. Commercial Equivalent Assessment Rate/All Other Zoning Classifications <br />Assessment Rate <br /> <br />Commercial properties with frontage abutting a street that is reconstructed shall be assessed <br />on a per unit basis at the commercial/industrial equivalent assessment rate. The per unit basis <br />is calculated based on the average neighborhood unit size, particularly in a mixed (residential <br />and commercial) neighborhood. Larger sized commercial lots may be sub-divided into <br />smaller units for assessment purposes and to ensure equity. <br /> <br />This rate shall apply, regardless of the street's classification (local, collector, arterial, trunk <br />highway); designation (County State-Aid Highway, Municipal State-Aid Street); or <br />jurisdiction (State, County or City). <br /> <br />The commercial/industrial equivalent assessment rate shall be based on seventy percent <br />(70%) of the cost of street reconstruction plus all associated overhead costs for a typical <br />commercial street section. This commercial/industrial equivalent assessment rate shall be <br />determined by the City Council. <br /> <br /> <br />C. Tax Exempt (non-profits, churches, schools, organizations, groups) Equivalent <br />Assessment Rate <br /> <br />The tax exempt equivalent assessment rate shall be based on one hundred percent (100%) of <br />the total cost of street reconstruction, including all associated overhead costs for a typical <br />residential street <br />