Impact on City Residential Property Tax Revenue of Forest Lake Lake Property

Impact on City Residential Property Tax Revenue of Forest Lake Lake Property

	2010 Total	2010 Forest Lake -  Lake Property
Topic	Forest Lake 3	Lake Property Premium 1	Lot + Home	Total
Residences:	6,910 100%	984 14.2%	984 14.2%	942 14.2%
2010(E) Taxable Residential Market Value:	$1298 Mil 4	$254 Mil 19.6%	$195 Mil 15.0%	$449 Mil 6 34.6%
2010(E) Residential Tax Levy:	$4.372 Mil 5	$.857 Mil 19.6%	$.673 Mil 15%	$1.53 Mil 34.6%
Tax revenue because of lake property premium

1 Lake shore property taxable mkt value

=

Lake shore frontage x $4400/$2200 per ft. Premium paid for being on the lake 2

+

Lot value (normal)

+

Home value (normal)

                                                                                                                                      

2  Washington County tax assessor’s office plus local real estate agent estimates.

3  2010(E) Residential Taxable Mkt Value from 2009 FL Fin’l Plan

4  62.2% of total 2010(E) $2086 Mil

5  62.2% of total 2010(E) $7.030 Mil.

6  2010(E)Taxable Mkt Value report for properties on FL. Run by Kevin Corbid, Director, Property Records and Taxpayer Services on 8/10/2010