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y auoject: Interesting arguement about Freeway expansion from California
Another direct government cost of new freeways we haven't discussedto
date is lost property tax revenues.
In my example, current land cost, of a new freeway is around $ lOQ
million per mile Prpposi'tion.13 limits the rate to 10/0 of'histouc
cost, plus 2% per year, plus other debt assessments. Let's estirnate
that the tax base 'averages 273 of current, mar&et value and the rate is
exactly,-1%.•Thus Property,, tax per mule in one year is 2(3 act °/° x_$lOP
million = $666;667.
Property, values kirstorically' grate rattier, faster 'than the j%discont
71
rate I've. used ,* property tai base'wt71 si il°arly gro+v.by 2°f° plus
step-ups mall ras properties are sald `For easy math- let's asstmre
prop 3 taignFrises ett b'° Theme present.vahrc Ofre;tM1 + r
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next ??f "y?`?? ?R????,?Q?,x p$p?6by?Q ?r?€2?0n m}?illyaon. y??+ay?, y5?f?'4?', ra ,?. zr
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Mayor, City of Laurel
Laurel, Mt 59044