Post by dickdriver on Mar 29, 2018 12:02:47 GMT
I made a mistake in the first post. Trying to do it too fast in my head. Overall point is still valid.
My finance friend says that the rating change would mean at most 5 basis points (0.05%) which is negligible when compared to the 2.5% overall rate.
For example, on $1,000,000 this would equate to $500. For $5,000,000 it is $2,500. The total property tax receipts for the Park Distirct is $2,870,000.
Either the Park Board is misinformed about the impact of the downgrade or are blowing it out of proportion to make more of a case for closing the golf course.
My finance friend says that the rating change would mean at most 5 basis points (0.05%) which is negligible when compared to the 2.5% overall rate.
For example, on $1,000,000 this would equate to $500. For $5,000,000 it is $2,500. The total property tax receipts for the Park Distirct is $2,870,000.
Either the Park Board is misinformed about the impact of the downgrade or are blowing it out of proportion to make more of a case for closing the golf course.