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Property Valuations, FAR, and Taxation in the Midway

Property Valuations, FAR, and Taxation in the Midway. Seva Rodnyansky University UNITED August 18 th , 2005. Study Area outlined in black. Study Area Overview. 139 parcels, 88 properties: Total Area: 6,089,849.2 sq. ft., 139.8 acres. Total Assessed 2006 Market Value: $199,131,100.

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Property Valuations, FAR, and Taxation in the Midway

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  1. Property Valuations, FAR, and Taxation in the Midway Seva Rodnyansky University UNITED August 18th, 2005

  2. Study Area outlined in black

  3. Study Area Overview 139 parcels, 88 properties: • Total Area: 6,089,849.2 sq. ft., 139.8 acres. • Total Assessed 2006 Market Value: $199,131,100. • Total Assessed 2005 Market Value: $175,732,100 • Total taxes collected in 2005: $4,906,189.

  4. How data was analyzed • Per 139 parcels • Per 88 properties, by owner • For example: Midway Chevrolet has 22 parcels, counted all as 1 property • All averages, and all highest and lowest done by property, not by parcel, unless noted otherwise

  5. Increase in assessments Between 2005 and 2006, assessments have increased by an average of $265,893.18 per property. 80 out of 88 properties increased in assessment.

  6. Land vs. Building Most of the increase in assessment value resulted from higher land valuations. Per property, land assessments gained an average $450,438.64, while building assessments lost an average $184,545.45. Per square foot, land assessments gained an average $6.51, while building assessments lost an average $2.67.

  7. 5 highest assessment increases

  8. Walmart, 1450 W. University: AMV (assessed market value) of $11.5million, 28% increase. ($2.7m in land)

  9. Vacant Land 429 Pascal St. • Vacant land, 429 Pascal, AMV of $3.1m, 47% increase. (100% in land)

  10. 9 highest percent increases of assessments from 2005 to 2006 • 50%--vacant land, N. Dunlap • 48%--Midway Sober House, 1571/1569 W. University • 47%--vacant land, 429 S. Pascal • 46%--White Castle, 1120 W. University • 38%--vacant land, W. University (& Lexington Pkwy) • 33%--vacant land, 1140 W. University • 33%--Car Wash, 417 Lexington Pkwy • 33%--Midway Chevrolet and Parking • 33%--Abra Auto Body, 1190 W. University

  11. Property Valuations in the Midway

  12. AMV/sq. ft. by FAR range (refer to map)

  13. Average assessed market value/sq. ft. by use, in $/sq. ft(by parcel analysis) • Vacant= $11.44 • Retail= $33.34 • Food-related=$26.75 • Auto-related=$22.81 • Industrial=$25.29 • Office=$37.98 • Homes in Hamline-Midway=$45.89

  14. Homes vs. Midway Retail Study Area?

  15. Homes instead of Midway Centers? • Why are average Midway homes worth more (as a whole) than the largest retail area in St. Paul??? • Homes are taxed at a lesser rate than Commercial/Industrial property, and thus bring in less total taxes, roughly 50% of the retail area.

  16. Floor to Area Ratio (FAR) • Basic measurement of development density • Built square footage divided by land area • Average FAR for study area: 0.73

  17. Whitaker Buick Holding Lot

  18. Raising the average FAR • Average FAR is 0.72, AMV/sq. ft. is $41.31/sq. ft. • If the average FAR is raised to… • 1, AMV/sq. ft. will be $48.36 • 2, AMV/sq. ft. will be $75.40 • 3, AMV/sq. ft. will be $102.17

  19. If the study area is taken as a whole… • Average AMV/sq.ft.= $41.31, total: $199,131,100 • If FAR=1, AMV/sq. ft. will be $48.36 Total: $233,114,984 • If FAR=2, AMV/sq. ft. will be $75.40 Total: $363,458,846 • If FAR=3, AMV/sq. ft. will be $102.17 Total: $492,501,197

  20. Tax yield/square foot by FAR range, refer to map

  21. Tax yield • In the study area, the taxes collected in 2005 were $4,906,189 • Average per square foot of land, $1.00/sq. ft. for each property

  22. Raising the average FAR • Average FAR is 0.72, tax yield/sq. ft. is $1.00/sq. ft. • If the average FAR is raised to… • 1, tax yield/sq. ft. will be $1.17 • 2, tax yield/sq. ft. will be $1.76 • 3, tax yield/sq. ft. will be $2.36

  23. If the study area is taken as a whole… • Current tax yield/sq.ft.= $1.00, • Total: $4,906,189 • If FAR=1, tax yield/sq.ft. will be $1.17 Total: $5,740,241 • If FAR=2, tax yield/sq.ft.will be $1.76 Total: $8,634,893 • If FAR=3, tax yield/sq.ft.will be $2.36 • Total: $11,578,606

  24. Midway Books vs. Target

  25. Land values in study area • Total land valuation for study area: $100,420,800. • Average land area/sq. ft. : $16.21/sq. ft. • Median value: $19.85/sq. ft. • Highest: Skyline Tower and parking lots, $27.83/sq. ft. • Lowest: Warehouse, 413 Lexington Pkwy, $3.77/sq. ft.

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