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Proposed Town of Midland
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<br />* 1 Real Property Valuation
<br />*2personal Property Valuation
<br />*3Vehicle Valuation
<br />Total Valuation
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<br />$186,397,670
<br />200,000,000
<br />17,244,803
<br />$403,642,473
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<br />Total valuation of $403,642,473 ~. 12 equals $484,371'4 for the proposed Midland area.
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<br /> Sales
<br />Districts Levy
<br />Cabarrus County $ 53,629,157
<br />Concord 19,368,865
<br />Karmapolis 8,117,165
<br />Harrisburg 375,000
<br />Mt. Pleasant 307,400
<br />* SFire Districts 1,195,367
<br />Midland (Town) 484,371
<br />Total $ 83,477,325
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<br />Tax Distribution
<br />% of Levy Estimated Sales Tax
<br />0.642439812 $ 17,224,454
<br />0.232025463 6,220,835
<br />0.097237963 2,607,047
<br />0.004492238 120,441
<br />0.003682437 98,730
<br />0.014319661 383,924
<br />0.005802426 155,569
<br />100 $ 26,811,000
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<br />Real property estimates based on information provided by Mr. Carl Hill from
<br />reports generated by Cabarrus County GIS
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<br />Personal property value of Coming is $192,400,000; estimated total at $200M
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<br />Vehicle valuation based on mount of valuation produced during 1998/99 fiscal
<br />year by the Midland Fire District of $26,128,490, then using 66% of that total
<br />which would equal $17,244,803
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<br />The tax levy of $484,371 will be reduced by a collection fee of 1 ½% and also a
<br />normal collection rate of approximately 98%. For budget planning purposes the
<br />levy should be reduced by 3 ½%o.
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<br />Since the Midland Fire District levy was in the total of all "Fire Districts", I
<br />reduced the Midland Fire District levy by 66% and adjusted that total
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<br />These estimates are based on the best available information at this time.
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<br />Prepared by Blair Bennett, Deputy County Manager on November 24, 1999.
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