Description

This page allows the user to choose a rate structure for calculating the ad valorem revenue. Using the option titled "Choose Rate Structure," the millage rate can be set as a "Constant Rate" to be used throughout the simulation period. The default for Hillsborough County is 6.3367 mills, which can be altered via the sliding bar on the left-hand side of the page. One may also use a variable rate structure to calculate the ad valorem revenue by changing the "Choose Rate Structure" option to "Variable Rate." This would highlight the subtitle on the right-hand side of the page.

Again, the default (and current) rate is 6.3367 mills, but this can be altered for each year of the simulation by entering the millage rate in the boxes below each bar on the right-hand side of the page.

Note: While using either of the rates, make sure that the correct option has been selected under the “Choose Rate Structure” option. When the simulation is reset, the rate structure reverts back to the constant rate. To run a new simulation using a variable rate, the “Choose Rate Structure” option would have to be changed again.

Description

The ad valorem revenue for Hillsborough County is calculated using cumulative dwelling units change (single family detached, single family attached, apartments, and mobile homes) and cumulative nonresidential construction change (square ft of manufacturing, regional commercial, local commercial, regional services, and local services). The module uses residential taxable values and nonresidential taxable values to calculate the revenue using BOCC general fund ad valorem millage, which stands at 6.3367 mills. The ad valorem revenue is calculated for future growth as well as existing base.

Assumptions Used

• Cumulative Dwelling Units Change - See Demand Base
  

• Cumulative Nonresidential Construction Change - See Demand Base

• Residential Taxable Values - See Demand Base

• Nonresidential Taxable Values - See Demand Base
  
  

Equations Used

• Hillsborough County Countywide Ad Valorem Revenue from Growth =
  DELAYPPL (ARRSUM (Cumulative Dwelling Units Change [County-Hillsborough, Dwelling Types] x Residential Taxable Values [County-Hillsborough, Dwelling Types] x ((IF (BOCC General Fund Ad Valorem Millage Switch=0, BOCC General Fund Ad Valorem Millage [1, 2], LOOKUP (BOCC General Fund Ad Valorem Millage, YEAR (TIME)-2007, 2)) x 1<<mills>>))) (* continued after comment)
  
  Comments: In this equation, the cumulative dwelling units change is being multiplied by the residential taxable values. This is then multiplied to the Ad Valorem Millage using a switch that a user can change to either use a constant millage rate throughout the simulation period or a variable rate that can be adjusted for each year of the simulation run.
  
  + ARRSUM (Cumulative Nonresidential Construction Change [County-Hillsborough, Sectors] x Nonresidential Taxable Values [County-Hillsborough, Sectors] x ((IF (BOCC General Fund Ad Valorem Millage Switch = 0, BOCC General Fund Ad Valorem Millage [1, 2], LOOKUP (BOCC General Fund Ad Valorem Millage, YEAR (TIME)-2007, 2)) x 1<<mills>>))),
  
  Comments: In this equation, the cumulative nonresidential construction change is multiplied by the nonresidential taxable values. This is then multiplied to the Ad Valorem Millage using a switch that a user can change to either use a constant millage rate throughout the simulation period or a variable rate that can be adjusted.
  
  ('One-Year Lag')/1<<yr>>
  
  Comments: The ad valorem levied from growth in a particular year isn’t collected until the following year. So the function ‘One-Year Lag’ delays the calculation of ad valorem revenue by one year.
  
  

• Hillsborough County Countywide Ad Valorem Revenue from Existing Base = (((((IF (BOCC General Fund Ad Valorem Millage Switch = 0, BOCC General Fund Ad Valorem Millage [1, 2], LOOKUP (BOCC General Fund Ad Valorem Millage, YEAR (TIME)-2007, 2)) x 1<<mills>>)) / (BOCC General Fund Ad Valorem Millage [1, 2] x 1<<mills>>)) //base year x Countywide General Revenue[1, 1]) x Countywide General Revenue[1, 1]) x 1<<$/yr>>
  
  

Similar Modules

• Capital Cost for Jail Beds = Annual New Countywide Population x Jail Beds per Thousand Persons x Cost per Jail Bed

• Hillsborough Unincorporated Ad Valorem Revenue (4.9954 mills)

• Tampa-Hillsborough Library Ad Valorem Revenue (0.6923 mills)

• Plant City Ad Valorem Revenue (4.7000 mills)

• City of Tampa Ad Valorem Revenue (4.9100 mills)
  

• City of Temple Terrace Ad Valorem Revenue (4.9100 mills)