Also want to add some more info for you regarding the street
Here is the specific page of the
Capital Improvement Plan - Page 125 [PDF] noting the funding breakdown for Virginia Place as well as the construction proposal.
The city estimates $135000 in assessments. There are anywhere from 33-36 private assessable properties depending on if the city counts houses that do not have access or addresses on the street itself. There are 3 properties on the south end that have either Newton or 7th St addresses that are in question.
Without taking into account the exact assessment equation which factors in linear feet, dividing by 35 gives us an assessment value average of $3557 per property.
Assessment PolicyPer the assessment policy, there is a 10 year term for assessment values ranging from $2000-$10000. With an interest rate of 1-2% above bond, so lets just assume about 5%
A $3500 assessment over 10 years comes to an assessable value of about $370 annually for 10 years.
As I mentioned in a previous post, there are a fair amount of properties on that street that this dollar amount would double the property taxes for. Just something to be prepared for if you have an affected address.
