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<br />Revenue are based on the assumed value of each nev;; unit <br />in the subdivision. Tax revenues are calculated at the current Middletown rate <br />$16.60 per thousand assessed value for each of the 49 units. Assumed values range <br />which a total of $ in tax revenues, to $ per <br />$1 revenues, These values are based on those of recent <br />aimed at the market. The new units are also <br />assumed to produce increases in licenses, fees and town revenues. Based on an <br />analysis of these revenue sources and the size of the hypothetical subdivision relative to existing <br />residential development in Middletown, this non-tax revenue increase is estimated to be <br />approximately $3,977 per year. In total, annual revenues from the hypothetical subdivision range <br />from $ to $ depending on the assessed value of housing units. In addition, each <br />of the new units is assumed to pay a one-time impact fee of $350 to the town. <br />payments for water and sewer services are assumed to cover all costs of these <br />overage that are distributed across all system users. See Footnote 1 on page one in the <br />main text for a brief description of overage charges. <br /> <br /> <br /> <br /> <br />Nominal annual revenues from the subdivision are assumed constant over the 30-year time <br />horizon of the model, with the exception of the impact fee discussed above, However, these <br />revenues are discounted prior to calculation of final net impacts, as discussed in Appendix Three. <br /> <br />18 <br />