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Attachment C <br /> Everett Station District Business Improvement Area (BIA) <br /> ASSESSMENT RATE <br /> Special Assessment Calculations Overview <br /> The annual assessment shall use land square footage and assessed value. The initial <br /> assessment rates have been calculated for the initial BIA budget to be fifty percent (50%) <br /> from the total land square footage and fifty percent (50%) from the total county-assessed <br /> value of the assessed properties within the geographical limits of the BIA, with an <br /> expectation that the percentage from the county-assessed value will increase as land values <br /> increase. <br /> Assessment Formula <br /> The special assessment for the Base Year (2020), for each individual property shall be <br /> calculated using the following formula: <br /> Assessment= ($0.04 x Land Square Footage) + ($0.67 x (Current Year Assessed <br /> Value/$1,000)) <br /> In subsequent years, the land square footage rate will be multiplied by an Inflationary <br /> Factor, which will be equal to the change in the June to June Consumer Price Index for All <br /> Urban Consumers in Seattle -Tacoma -Bremerton ("CPI") from the Base Year, or three <br /> percent per year,whichever is less. <br /> The Current Year Assessed Value will be the value of the property for that particular year, as <br /> determined by the Snohomish County Assessor's office. <br /> The intent of adjusting for CPI adjustment and using the current assessed value in the <br /> formula is to ensure the BIA's services and programs keep up with inflation and the needs of <br /> the neighborhood as it grows. <br /> E 2019 RESOLUTION: Everett Station District BIA Page 6 of 6 <br />