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unit. 2. The class rates for nonresidential development are 2.45% for the first $150.000 of assessed value and 3.5% for the amount over $150,000. This is based on the recent changes for FY99. A single "weighted" class rate is determined based on the typical facility size. This is because, unlike residential units where the actual number of units, each with their own assessed value, are known, future nonresidential space is projected incrementally within each FAZ on a total square foot basis. Therefore, an average class rate must be determined and multiplied times the future incremental square footage to determine the future tax capacity. These average class rates are shown in the three boxes at the bottom of the table based on the typical sizes of future retail, office, and industrial-flex facilities. 3. The average nonresidential class rates then need to be adjusted to include the tax capacity component for personal property. Given that most personal property is exempt from taxes as established by the State legislature over time, this adjustment is set to zero. This can be changed in the model for scenario testing. However, for purposes of the fiscal analysis, it will be assumed that all future commercial and industrial property will not have a personal property tax component. 4. This final adjusted average class rates for nonresidential are the rates used to project future tax capacity for each type of nonresidential development. The rate is 3.45 percent for retail space, 3.46 percent for office space, and 3.46 percent for industrial/flex space. Step 3 - Sum Up Total New Tax Capacity For All F AZ's and Project Tax Levies, Local Tax Rates, and Total Fiscal Disparity Contributions & Distributions, HACA, Local Government Aid, and Local Performance Aid. The table below summarizes future changes of the components that are applicable to the Property Tax, Fiscal Disparities, HACA, Local Government Aid. and Local Performance Aid revenues. The data represents the Trends Growth scenario. Only future projections to the year 2005 are shown, although the table continues to 2020. Page 35 Tischler & Associates, Inc.