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HomeMy WebLinkAboutCOM 0118.003 2002-2004 12/30/2002 11:23 808-935-4924 HISR PAGE 03 HSiteModel2 DD -oP~rtm~nt of Finance tvzai~ Homesitwe'V^aluaAtion Model 1) John buys 10 acres. R~c~r~ ,1me..------.- By..-------- , Dah_.~ 1. ~-r~ Values ca,"q Cou"`ii . / - : ee~ecnrf gttaf Eremntfon Bullding: Total Land: $100,000 ;100,000 $100,000 Land, Homesfte: Total Bullding 6 Land: $100,000 $100,000 $100,000 X c, q ~ 5 °I ~ t:. , C , ~ 't Co K.;1 i. _ ,l I ~ i ~ .'q c ~ ti . ~ ~ -i ~ 10 Acres ~s ; F<-.Ut ~.,,~~~.v~ NOW 2) John builds a home on 1 acre. HOMESITE ~ gcre) (Remainder of Land: 9 Acres) Values ~t A4S.t'~ A}~gr :emotion Bullding: $140,000 $140,000 5100,000 Total Land: $100,000 $100,000 $100,000 Land, Homesife: Land, Remainder. k o ~ ~ , i ~ Total Building r4 Land: $240,000 $240,000 $200,000 10 Acres a (Submitted by Joel La Pinta a.t 2/18/03 FC L;orkshop) Ff1e No.~/RPI Ret. To:_„,~ >~t. s 1 8 z D3 12/30/2002 11:23 808-935-4924 HIBR PAGE 04 HSkeModel2 Denartm nt o~ P Finance ia~z4ro2 Hamesite Valuation Model . NOW 3) John dedicates 9 acres to pasture use. HOMESITE (1 Acre) (Remainder of land: 9 Acres) Values Mit:If01 Aee~ AtterEremutinn Building: 5140,000 x140,000 $100,000 Total Land: $100,000 511,890 511,890 Land,HomesJte: 510,000 (1/t0of5100,000) Land, Remainder. 51,990 (S2t0/acre) Total Bullding 8< Land: ;240,000 5151,890 6111,890 ' ~ - ~ i `02 ~ 10 Acres NOVA 4) John's neighbor, Frank, builds a similar house on his 1 acre lot and compares his tax assessment with John's. HAMFCITF 1 Acre Values Q~(((gt Amp sed A -r t3cemnt en Bullding: 5140,000 5140,000 5100,000 Total Land: 580,000 $80,000 660,000 Land, Homesite: Land, Remainder. Total Building & Land: §200,000 5200,000 $180,000 ~ G O = ~ ~ 12/30/2002 11:23 808-935-4924 HIBR PAGE 05 HSiteModel2 DgoaRment of Finance ~v2aro2 Homesfte Valuation Model 3- 4 5) New appraisal method used. Ht]MESITE 1 Acre (Remainder of land: 9 Acres) values DAar~et dsssssed 9geLF.acenortlen Building: 5740,000 ;1ao,000 5100,000 Total Land: 5100,000 $61,890 561,890 Land, Homesite: $60,000 (Hlghesybestuse) X - ~ ~ c'"~ Land, Remainder. $1,890 (8210/acre) Total Building 8< Land: ;240,000 ;201,890 5181,880 10 Acres ~ a c~ ~ J gvb~4'r'bc F ab~e t,o,~ # 2 ~ t, goo ~o~•~~i .31 ~E fihC_ ~ 2 r vf~ ~ ^e W~ ~ 1 ~ ~,2 ~ S -10 ~ ~ V ~ ~ U ~ ~ a ~'1 ~ t r 3 u' vv1