Waverly Schools
Following is an attempt to provide some general information concerning industrial tax rates with and without a tax abatement. It is an example only. Some sites you are interested in may be in the Waverly School District while others will be located in the Grand Ledge School District and so on. The example is based on the 2006 tax rates with the full State Education Tax rate.
|
Waverly Schools
(No abatement) |
$53.30 of tax per $1,000 of Taxable Value |
Waverly Schools
(With abatement)
|
$29.65 of tax per $1,000 of TaxableValue |
| To figure an estimated tax rate follow the steps below: |
| Waverly School District current tax rate
Subtract 6 mils State Education tax
Divide rate (46.47) by 2 for 50% abatement
Add 6 mils State Education tax
|
53.30 mills
6.00 mills
________________
47.30 mills
23.65 mills
6.00 mills
________________
29.65 mills
|
Industry pays 5.30 mills on “land value” and if an Industrial Facilities Tax Abatement (IFT) is granted 29.65 mills on the Taxable Value for personal property, building and “land improvement”.
Taxable is approximately 50% of market value. If you invest $10,000,000 (excluding land value) on a project the taxes would be figured on approximately $5,000,000 Taxable Value.
This is a basic process to help you estimate the expected tax liability for your project. Please contact our Tax Assessment Office at 517-323-8520 for a more detailed and accurate estimate.
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