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<br />8A <br /> <br />to debt service being spread over a greater appraised base. Although lower, the rate will Page 2 <br />not necessarily yield a lower assessment, due to varying percentages of increase/decrease <br />between residential and commercial property types. <br /> <br />The impact of the rate change is illustrated by the following example where the market <br />value of a home has increased 7.9% from the preceding year. For a four bedroom, 3 bath <br />house with an appraised value of $950,000 in January 2005 (land value $500,000 and <br />improvement value $450,000) and a current appraised value of $1,025,000 in January <br />2006 (land value $575,000 and improvement value $450,000), the total tax would be as <br />shown below: <br /> <br />Reclamation Bonds Assessment <br />Facilities Bonds Assessment <br />Total <br /> <br />2005-06 <br />$ <br />134.63 <br />270.51 <br />405.14 <br /> <br />2006-07 <br />$ <br />00.00 <br />278.03 <br />278.03 <br /> <br />Incr/(Decr) <br />$ <br />(134.63) <br />7.52 <br />127.11 <br /> <br />% <br />(100.00) <br />2.78 <br />(31.37) <br /> <br />It should be noted that Reclamation Bond debt service is levied on land only while Facility <br />Bond debt service is levied on both land and improvements. The bonds are a general <br />obligation of the General Improvement District No. 1-64 and will mature on July 1, 2008. <br />They are payable from taxes levied only within the district boundaries. <br /> <br />Bond taxes have been levied on the basis of an annual tax roll developed strictly for the <br />General Improvement District No. 1-64 each year since the 1968-69 fiscal year. The <br />amount of district taxes is calculated by the District Tax Collector (the City's Finance <br />Director) and is collected by San Mateo County at the same time and on the same bill as <br />other city, county and special district taxes. <br /> <br />The required total tax is computed as follows: <br /> <br />Reclamation <br />Bonds <br /> <br />Gross Bond Service: <br />Principal <br />Interest <br />District Assessment <br />Other Bond Service Costs <br />Total Expenses <br /> <br />$250,000 <br />6,300 <br /> <br />58,817 <br />315,117 <br /> <br />Deduct: <br />Amount Available <br />Interest Earnings <br /> <br />(310,117) <br />(5.000) <br /> <br />Amount to be levied <br /> <br />$ <br /> <br />-0- <br /> <br />ß1f2 <br /> <br />Brian Ponty <br />District Assessor <br />(Finance Director) <br /> <br />Facility <br />Bonds <br /> <br />$1,255,000 <br />41,700 <br />50,000 <br />59,611 <br />1,406,311 <br /> <br />$1.406.311 <br /> <br /> <br />.,.~~--_._._.__.._...... . <br /> <br />E ward P. Everett <br />City Manager <br /> <br />Alison Freeman <br />Financial Services Manager <br />