A. Population Estimates: This service plan estimates population based on the absorption projections of table 2:2 in section 15-1-3 of this chapter. As the project is implemented, population, new home sales, and market capture rates can be monitored to develop more realistic models for growth. Should development occur at differing frequencies than projected, the fire district and district can curtail or accelerate the construction of the infrastructure and provision of services to match the actual growth rate.
B. Projected Residential Assessed Valuation: Residential assessed valuation within the community is dependent upon the demand for the various residential products that will be offered in the community. As a conservative estimate, the residential units to be offered are estimated to have an average appraised value of two hundred thousand dollars ($200,000.00) per dwelling unit in the first year of development, including land and improvements. The residential values in table 2.3 of this section have been appreciated at three percent (3%) per year and have been based upon the projected residential absorption.
TABLE 2:3
ESTIMATED VALUE PER RESIDENTIAL UNIT
AND TOTAL RESIDENTIAL ASSESSED VALUE
Year | Total Residential Units | Average Value Per Residential Unit | Total Residential Assessed Value |
Year 5 | 2,600 | $231,850 | $ 210,983,500 |
Year 10 | 16,200 | 268,780 | 1,523,982,600 |
Year 15 | 29,200 | 311,590 | 3,184,449,800 |
Year 20 | 39,800 | 361,220 | 5,031,794,600 |
Year 25 | 50,000 | 418,760 | 7,328,300,000 |
C. Projected Commercial Assessed Valuation: Commercial development will also occur initially and as the residential neighborhoods are completed. This service plan assumes that the average floor area ratio (FAR) for commercial facilities is 0.3 FAR, although some commercial parcels will have higher FAR when built. As an initial conservative estimate, the average appraised value of any commercial developed parcel in the first year is estimated at one hundred fifty dollars ($150.00) per square foot including land and building and appreciated at three percent (3%) per year. Table 2:4 of this section estimates the resulting total assessed valuation of the developed commercial parcels.
TABLE 2:4
ESTIMATED VALUE PER SQUARE FOOT
AND TOTAL COMMERCIAL ASSESSED VALUE
Year | Total Commercial Acreage Absorbed | Total Commercial Development (Square Footage) | Average Value Per Square Foot | Total Commercial Assessed Value |
Year 5 | 80 acres | 1,045,400 | $174 | $ 63,664,860 |
Year 10 | 410 acres | 5,357,800 | 202 | 378,796,460 |
Year 15 | 730 acres | 9,539,600 | 234 | 781,293,240 |
Year 20 | 1,030 acres | 13,460,000 | 271 | 1,276,681,000 |
Year 25 | 1,220 acres | 15,942,900 | 314 | 1,752,124,710 |
D. Projected Unimproved Land Assessed Value: Unimproved land will also be assessed. Although it is difficult at this time to determine the exact assessed value of unimproved land prior to development, table 2:5 of this section makes some broad assumptions, in five (5) year intervals, on these assessed values based on historical tax data.
TABLE 2:5
ESTIMATED VALUE PER ACRE OF
UNIMPROVED LAND AND TOTAL ASSESSED VALUE
Year | Total Remaining Unimproved Land | Average Value Per Acre | Total Unimproved Land Assessed Value |
Year 5 | 27,500 acres | $ 2,500 | $ 24,062,500 |
Year 10 | 24,400 acres | 5,000 | 42,700,000 |
Year 15 | 20,900 acres | 10,000 | 73,150,000 |
Year 20 | 18,600 acres | 17,500 | 113,925,000 |
Year 25 | 16,700 acres | 27,500 | 160,737,500 |
E. Projected Total Assessed Value: Present assessment standards within the state of Nevada depend upon the county assessors appraising properties without regard to purchase price, and require the depreciation of improvements of approximately 1.5 percent per year for a period of twenty five (25) years. The assessed value is calculated at thirty five percent (35%) of the appraised value assigned by the assessor. These standards make projections of actual assessed values difficult. Should these standards continue it is possible the projected assessed values could be overstated. However, it is also likely given recent housing market conditions in southern Nevada, that housing prices for Coyote Springs will start at a higher average appraisal value than two hundred thousand dollars ($200,000.00) and will increase at a rate greater than three percent (3%) over the long term.
The total assessed valuation of the district is therefore estimated to be the sum of the commercial development, residential development, and unimproved land assessed values. Provided that development occurs at the rate of the aggressive twenty five (25) year rate, table 2:6 of this section reflects the total assessed value at those five (5) year intervals.
TABLE 2:6
ESTIMATED TOTAL ASSESSED VALUE
Year | Total Residential Assessed Value | Total Commercial Assessed Value | Total Unimproved Land Assessed Value | Total Assessed Value |
Year 5 | $ 210,983,500 | $ 63,644,860 | $ 24,062,500 | $ 298,710,860 |
Year 10 | 1,523,982,600 | 378,796,400 | 42,700,000 | 1,945,479,060 |
Year 15 | 3,184,449,800 | 781,293,240 | 73,150,000 | 4,038,893,040 |
Year 20 | 5,031,794,600 | 1,276,681,000 | 113,925,000 | 6,422,400,600 |
Year 25 | 7,328,300,000 | 1,752,124,710 | 160,737,500 | 9,241,162,210 |
(Res. 2005-07, 5-4-2005)