Housing Tax Abatement Program
$120,000.00 $100,000.00 $80,000.00 Revenue With $60,000.00 Revenue Without $40,000.00 $20,000.00 $0.00 1 2 3 4 5 6 7 8 9 10 Windom Revenue $213,312 compared to $264,216
$180,000.00 $160,000.00 $140,000.00 $120,000.00 $100,000.00 Revenue With $80,000.00 Revenue Without $60,000.00 $40,000.00 $20,000.00 $0.00 1 2 3 4 5 6 7 8 9 10 Windom Revenue $341,968 compared to $423,574
$300,000.00 $250,000.00 $200,000.00 Revenue With $150,000.00 Revenue Without $100,000.00 $50,000.00 $0.00 1 2 3 4 5 6 7 8 9 10 Windom Revenue $589,952 compared to $730,736
Year Average Abatement Revenue Without Revenue With 1 1.6 4.6 $3,878.40 0 2 3.2 9.2 $7,756.80 0 3 4.8 13.8 $11,635.20 0 4 6.4 15.4 $15,513.60 0 5 8 17 $19,392.00 0 6 9.6 18.6 $23,270.40 $45,086.40 7 11.2 20.2 $27,148.80 $48,964.80 8 12.8 21.8 $31,027.20 $52,843.20 9 14.4 23.4 $34,905.60 $56,721.60 10 16 25 $38,784.00 $60,600.00 $213,312.00 $264,216.00 Based on a $200,000 house (homestead) Windom averaged 1.6 new single family homes a year 2.89 unit increase in new over the past 10 years (4 in builds 2015 ad 5 in 2006)
Year Average Abatement Revenue Without Revenue With 1 1.6 4.6 $6,217.60 0 2 3.2 9.2 $12,435.20 0 3 4.8 13.8 $18,652.80 0 4 6.4 15.4 $24,870.40 0 5 8 17 $31,088.00 0 6 9.6 18.6 $37,305.60 $72,279.60 7 11.2 20.2 $43,523.20 $78,497.20 8 12.8 21.8 $49,740.80 $84,714.80 9 14.4 23.4 $55,958.40 $90,932.40 10 16 25 $62,176.00 $97,150.00 $341,968.00 $423,574.00 Based on a $300,000 house (homestead) Windom averaged 1.6 new single family homes a year 2.89 unit increase in new over the past 10 years (4 in builds 2015 ad 5 in 2006)
Year Average Abatement Revenue Without Revenue With 1 1.6 4.6 $10,726.40 0 2 3.2 9.2 $21,452.80 0 3 4.8 13.8 $32,179.20 0 4 6.4 15.4 $42,905.60 0 5 8 17 $53,632.00 0 6 9.6 18.6 $64,358.40 $124,694.40 7 11.2 20.2 $75,084.80 $135,420.80 8 12.8 21.8 $85,811.20 $146,147.20 9 14.4 23.4 $96,537.60 $156,873.60 10 16 25 $107,264.00 $167,600.00 $589,952.00 $730,736.00 Based on a $500,000 house (homestead) Windom averaged 1.6 new single family homes a year 2.89 unit increase in new over the past 10 years (4 in builds 2015 ad 5 in 2006)
$200,000 House Public Entity City School County Total 3 year 5 year Bingham Lake $1,472 $198 $617 $2,287 $6,861.00 $11,435 Comfrey $3,401 $198 $617 $4,216 $12,648 $21,080 Storden $3,710 $198 $617 $4,525 $13,575 $22,625 Westbrook $3,619 $45 $617 $4,281 $12,843 $21,405 Windom $1,609 $198 $617 $2,424 $7,272 $12,120 County (rural) $198 $617 $815 $2,445 $4,075
$300,000 House Public Entity City School County Total 3 year 5 year Bingham Lake $2,360 $317 $990 $3,667 $11,001.00 $18,335 Comfrey $2,451 $317 $990 $3,758 $11,274 $18,790 Storden $5,947 $317 $990 $7,254 $21,762 $36,270 Westbrook $5,801 $72 $990 $6,863 $20,589 $34,315 Windom $2,579 $317 $990 $3,886 $11,658 $19,430 County (rural) $317 $990 $1,307 $3,921 $6,535
$500,000 House Public Entity City School County Total 3 year 5 year Bingham Lake $4,072 $546 $1,708 $6,326 $18,978.00 $31,630 Comfrey $9,405 $546 $1,708 $11,659 $34,977 $58,295 Storden $10,260 $546 $1,708 $12,514 $37,542 $62,570 Westbrook $10,008 $125 $1,708 $11,841 $35,523 $59,205 Windom $4,450 $546 $1,708 $6,704 $20,112 $33,520 County (rural) $546 $1,708 $2,254 $6,762 $11,270
House House House House House House House House House Value Value Value Value Value Value Value Value Value Estimate Public Entity Interested Tax Rate $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 Bingham Lake Interested 81.441 $585 $1,089 $1,472 $1,916 $2,360 $2,804 $3,248 $3,665 $4,072 Comfrey (partial) Interested 188.101 $1,351 $2,376 $3,401 $4,426 $5,451 $6,476 $7,501 $8,465 $9,405 Jeffers Not at this time Mountain Lake Not at this time Mountain Lake School* Yes 7.349 $32 $56 $80 $104 $128 $152 $176 $198 $220 Storden Interested 205.197 $1,473 $2,592 $3,710 $4,828 $5,947 $7,065 $8,183 $9,234 $10,260 Westbrook Interested 200.165 $1,437 $2,528 $3,619 $4,710 $5,801 $6,892 $7,983 $9,007 $10,008 Westbrook Public Schools* Yes 4.16 $18 $32 $45 $59 $72 $86 $100 $112 $125 Windom Yes 89.002 $639 $1,124 $1,609 $2,094 $2,579 $3,064 $3,549 $4,005 $4,450 Windom Area School District* Yes (only 60% 18.212 $78 $138 $198 $257 $317 $376 $436 $492 $546 can be abated) Cottonwood County Interested 34.152 $245 $431 $617 $804 $990 $1,176 $1,362 $1,537 $1,708 * denotes a 40% reduction in the estimated tax rate (All school district can only abate NON RMV taxes)
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