Part 1 - Determination of Tax Rate

Data Source:

State Dept. of Assessments

State Dept. of Assessments

State Dept. of Assessments

Constant Yield Tax Rate Certification

Constant Yield Tax Rate Certification

Constant Yield Tax Rate Certification

FY2004

FY2005

FY2006

Revenue FY03

Revenue FY04

$39,919,347

Revenue FY05

$42,081,100

(based on Constant Yield Notice on net base)

(based on Constant Yield Notice on net base)

(based on Constant Yield Notice on net base)

Allowable FY04**

Allowable FY05**

$40,677,815

Allowable FY06**

$42,922,722

(Revenue FY03 x 2%

increase)

(Revenue FY04 x 1.9% increase)

(Revenue FY05 x 2% increase)

Assessable Base

Net

Net

$3,968,917,370

Net

$4,323,530,374

Tax Rate (rev¸base/100)

$1.025

$0.993

Part 2 - Determination of Revenue

FY2004

FY2005

FY2006

Allowable on net base

$40,677,815

$42,922,722

Tax Rate 1.041

Tax Rate 1.025

Tax Rate .993

New Construction

Half Year

########

$53,163,804

$80,429,140

Full Year

########

$85,530,000

$71,350,000

########

$138,693,804

$1,421,611

$151,779,140

$1,507,167

$42,099,426

$44,429,889

Cross Check:

Total Growth in Tax Revenues

Est Revenue FY05 on Existing Base

$42,081,100

FY06

$44,429,889

Est Revenue FY06 on Existing Base

$42,922,722

FY05

$42,081,100

Growth

2.00%

$2,348,789

Actual Tax Revenue on Existing Base at new tax rate:

$4,323,530,374/100 *.993 = $42,932,657

Percentage growth on existing base

2.00%

Difference

$9,935

Percentage growth, including new construction

5.58%