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If there are 29 new homes and they are assessed at $300,000 each (which is not guaranteed), that's $8.7 million in value, isn't it? And multiplying that $8.7 million assessment by the city's tax rate of $20.80 per $1,000 = $180,960, doesn't it?
The city budget is $316 million, so that amounts to 0.05% of the budget.
We just heard last night that the city may be facing a $12 million deficit in the next year, so any new revenue wouldn't do anything about that, even if the city received it within the next 12 months -- which it won't.
I am glad to see new development at the Rhodes school, but any promises of massive tax relief are premature and incorrect.
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