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Development, Value and Taxes (Urban3)
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Transcript of Development, Value and Taxes (Urban3)
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Orange County, NCTotal Value Per Acre
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Chapel Hill, NCTotal Value Per Acre
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Chapel Hill, NCTotal Value Per Acre
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Chapel Hill, NCTotal Value Per Acre
Hillsborough Carraboro Chapel Hill
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Inline Strip Format
• Rams Gate• 14 acres• Land: $4,833,921• Building: $ 6,163,697• Total: $10,997,618
• Value per Acre: $815,206
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Wal-Mart $612,717/acre
Value Per Acre
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Lowes $816,557/acre
Value Per Acre
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University Mall $868,731/acre
Value Per Acre
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Timberlyne Shopping Center $ 928,548/acre
Value Per Acre
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Meadowmont Retail $2,095,503/acre
East 54 $9,315,351/acre
Value Per Acre
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Downtown Format
• Franklin and Columbia• .51 acres• Land: $5,385,950• Building: $3,759,876• Total: $9,145,826
• Value per Acre: $17,887,397
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Bank of America Building $13,723,183/acre
Value Per Acre
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Top of the Hill/Walgreens $17,887,397/acre
Value Per Acre
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350 West Rosemary $23,932,268/acre
Value Per Acre
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140 West Franklin $34,435,262/acre*
Value Per Acre
* Estimated assessment
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Greenbridge $52,007,048/acre
Value Per Acre
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Older Outparcel Format
• Hwy 70 Hillsborough• 2.3 acres• Land: $859,950• Building: $1,273,771• Total: $2,133,721
• Value per Acre: $950,348
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Outparcel Format
• Franklin and Estes• .73 acres• Land: $880,100• Building: $1,179,500• Total: $2,059,600
• Value per Acre: $2,746,133
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$2,862,072/acre
Carrboro Hampton Inn $33,475,350/acre
Franklin Hotel $18,444,973/acre
Europa Center $3,746,735/acre
Hotel Siena
Value Per Acre
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0.7 acres of the Top of the Hill Building would equal the property taxes of the 13 acre Timberlyne Shopping Area
Orange County Property Tax Revenue Profile: 2013 Tax Yield per Acre
Timberlyne$11.98M on 12.9 acres
$9.1M on 0.5 acresTop of the Hill
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0.3 acres of the West Franklin Building would equal the property taxes of the 13 acre Timberlyne Shopping Area
Orange County Property Tax Revenue Profile: 2013 Tax Yield per Acre
Timberlyne$11.98M on 12.9 acres
$60M on 1.74 acres140 West Franklin
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0.2 acres of the Greenbridge Building would equal the property taxes of the 13 acre Timberlyne Shopping Area
Orange County Property Tax Revenue Profile: 2013 Tax Yield per Acre
Timberlyne$11.98M on 12.9 acres
$59.8M on 1.15 acresGreenbridge
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There’s no way this works!
Coach. Its because of
density.
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*Average values per Orange County
$0
$83,333
$166,667
$250,000
$333,333
$416,667
$500,000
Residential Commercial Mixed-Use
Orange County (Chapel Hill) Property Tax Revenue Profile: 2013 Tax Yield per Acre
Wal
mar
t
$153
,865
$219
,866
$287
,219
$445
,910
120
East
Fra
nklin
$295
,455
Coun
ty R
es. S
-F*
140
W F
rank
lin
City
Res
. S-F
*
Dtw
n. H
ampt
on In
n
$3,8
99
$5,2
59
$9,0
85
$955
$117
,238
Gre
enbr
idge
Joe Minicozzi,AICP : Asheville NC
350
Wes
t Ros
emar
y
City
Res
. M-F
*
$218
,535
$205
,660
$159
,213
Spot
ted
Dog
Fran
klin
Hot
el
Top
of th
e Hi
ll
Bank
of A
mer
ica
East
54
Gra
nville
Tow
ers
Euro
pa T
ower
s
Cast
alia
Carr
Mill
Mal
l
Autu
mn
Woo
ds
$80,
001
$64,
360
$49,
944
$33,
094
$16,
971
$15,
629
$12,
571
Tim
berly
ne
$10,
109
Dow
ntow
n CH
Ave
rage
$112
,168
$7,8
20
Coun
ty A
g*
311
Wes
t Ros
emar
y
Mea
dow
mon
t Inn
er
Circ
le
Mea
dow
mon
t Ret
ail
Dow
ntow
n Cb
Ave
rage
$32,
164
$30,
092
$17,
976
U-M
all O
ffice
Par
k
$7,9
69
BCBS
HQ
Univ.
Mal
l$7
,455
$4,7
83
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3
Grand Junction, CO Glenwood Springs, CO
Rifle, CO
Asheville, NCDunn, NC
Sarasota, FL
Sheridan, WY
Billings, MTBozeman, MT
Driggs, ID
Completed Study
Urban
Cheyenne, WY
Petaluma
Laramie, WY
Columbia, SC
Modesto, CA
Casper, WY
Ft. Collins, CO
Merced, CA
Turlock, CA
Rockland, ME
Chattanooga, TH
Missoula, MT
Great Falls, MT
Wilmington, NC
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$0
$125
$250
$375
$500
$402.80
$119.10
$76.80
$14.20$8.10$7.20$1.00
Residential
Commercial
Mixed-Use
County S-F City S-FWalmart Mall or strip Mixed-Use (2 Story)
Mixed-Use (3 Story)
Mixed-Use (6 Story)
Ratio Difference of 22 City Sample Set, Over 10 States 3UrbanJoseph Minicozzi, AICP
County Property Taxes/Acre