Laserfiche WebLink
<br /> <br /> <br /> <br />set rates, the federal <br />8, 1998 the federal funds rate was 5.66 <br />while the prime rate was 8,5 Given these two indicators, it is that the "real" <br />discount rate of is between 6 percent and 8 percent Accordingly, the most fiscal <br />impact of a 49-house Perry Farm subdivision would be a loss of between $1 ,614 and <br />$2,089,378, that this fiscal loss would be balanced (or a tax <br />rate to all Middletown taxpayers, this translates to between $254 and $317 in additional real tax <br />costs for every Middletown household, discounted over a 30-year period. In nominal (non- <br />discounted) tax dollars, each Middletown house would pay an additional $24 in property taxes <br />each year to support the additional net fiscal losses generated by the Perry subdivision. <br /> <br />Summary <br /> <br />This report summarizes the results of a fiscal impact analysis of a hypothetical Fam1 <br />Subdivision," and indicates the net fiscal benefits received by Middletown taxpayers as a result <br />of the preservation of the Perry Fann property. In return for the $765,000 investment of private <br />and state funds required to purchase and preserve the property, the Aquidneck Island Land Trust <br />likely saved the taxpayers of Middletown between $1,671,614 and $2,089,378, This savings <br />represents excess community costs that would have been generated by residential development of <br />Peny Fann, over and above all resulting tax revenues, In annual tenns, this would translate to an <br />additional $24 in propeIty taxes paid by each Middletown household, each year, to support the <br />additional net fiscal losses generated by an hypothetical Perry Fam1 subdivision. <br /> <br />10 <br />