Zionsville —
While the Board of Zoning Appeals and Plan Commission debate plans for a proposed Wal-Mart in Zionsville, the numbers show the superstore could have a significant tax impact in the community.
As part of its filing with the town, Wal-Mart has submitted an economic and revenue impact analysis, which was completed by Arizona-based Applied Economics. The study shows the proposed Wal-Mart would generate an annual economic impact of $19.5 million in Zionsville and $20.3 million county-wide in both direct and indirect tax revenue.
TAx Revenue from project
“In terms of revenues to the town, the project would directly generate approximately $677,000 in property tax revenues to the (Tax Increment Financing) district,” the report states.
The report states that direct property tax revenues are based on “the value of new construction, value of fixtures and equipment, as well as the increase in land value.”
Sarah Murley, a partner with Applied Economics, explained how the property taxes are calculated.
She said to determine the assessed value of the property she took the $22 million of construction costs, added $5 million for land improvements and then added $2.4 million, which is 40 percent of $6 million in furniture, fixtures and equipment.
She then took $29.4 million and entered it into the Indiana Department of Local Government and Finance tax calculator, which showed a tax rate of 2.3 percent.
The study also shows an indirect property tax revenue, which is generated by supported employees and their families living in the community.
According to the report, “indirect income taxes are calculated by multiplying total personal income times an 80 percent county residency rate times the one percent local income tax rate.”
The report then outlines how much tax money would go to each of the taxing entities based on the tax rate.
“Indirect income tax revenues of $16,000 per year include the city’s share of local income taxes from direct and indirect employees living in Boone County,” the report states. “An additional $28,000 in indirect local income taxes would be distributed to the county and library district.”
See Wednesday's Times Sentinel for more on this story.
Local News
Wal-Mart could boost town’s tax revenue
- Local News
-
-
Pittmans bet on The Farm
They could have made it anything. Apartments. A vinyl village. A big box retailer.
Brothers Steve and Chad Pittman were approached by all of these possibilities for their family’s high profile land at the southwest corner of Michigan Road and Sycamore Street.Click here to download the site plan .pdf for The Farm.
-
VIDEO: Bus crash injures 12
Twelve people were taken to hospitals - six to Methodist and six to St. Vincent - after a school bus crashed and rolled over on northbound Interstate 65 in Boone County just before 2 p.m. Thursday.
-
Dow deal approaches completion
At a Friday, May 10, meeting of the Zionsville Redevelopment Commission, RDC attorney Andy Buroker announced a May 23 closing date has been set on the Dow property the town will purchase — if all the final details come together.
-
Meijer files Anson plans with state
Meijer is able to break ground in Anson after receiving a release for foundation construction from the state.
-
New foundation director is coffee driven
Jen Pendleton hopes to take the Community Foundation of Boone County to the next level, and she hopes to do it with a lot of coffee.
-
No more environmental concerns on Dow property
Any worries about environmental concerns on the Dow property are no longer present after a Phase II subsurface investigation was completed.
-
Sting shuts down Zionsville spa
The Hamilton/Boone Drug Task Force made its biggest prostitution bust after a nearly yearlong investigation.
-
Promoting safety
April is National Autism Awareness month, and the Whitestown Fire Department is doing its share to recognize it.
-
1st Flower & Herb Day planned for May 4
The Zionsville Downtown Committee is bringing spring to town Saturday, May 4, with or without Mother Nature’s cooperation.
-
Town council close to purchase of PNC Bank property
The Zionsville Town Council will be one step closer, after its May meeting, to purchasing the PNC Bank property on Main Street.
- More Local News Headlines
-
Probe Begins After Conn. Commuter Trains Crash
NTSB Begins Investigation Into Conn. Train Crash
Lotto Fever Sweeps the Country
Conn. Commuter Trains Collide; 60 Go to Hospital
Coffee Run Leads to Hatchet Hitchhiker Arrest
Fmr. IRS Head Insists No Politics in Targeting
CDC: Fecal Bacteria Common in Swimming Pools
$1 Million in Jewels Stolen at Cannes Film Fest
NM Mom Chases Down Child Abductor
Raw: Crash Sends Car Into Fla. Pool
Raw: Obama Sits Down With Elementary Kids
Raw: Bear Falls From Tampa Tree
Ousted IRS Chief: Errors Not Caused by Politics
Terror Suspect Due in Court in Idaho Friday
Raw: Driver Ejected From Truck, Over Bridge
Could Tobacco Be the Next Biofuel?
Wash. State Releases Draft Rules for Legal Pot
Dying Man's Blinks Lead to Murder Conviction
Officials: Texas Tornado Likely Had 200 Mph Wind
Brothers Arrested in NOLA Parade Shooting
