Shedding light on Marion's Town House renovation expenses

Apr 02, 2018

To the Editor:

A few facts about the Town House renovation...

The Town House Building Committee has refined the plan and costs again and again over the past six years. The reconstruction will take the building down to the studs!

The projected estimates are all-inclusive, and there is a generous contingency amount included to cover unanticipated expenses.

The renovation will cost an additional 34 cents per thousand dollars of assessed house value for a 20-year bond. This means that for the median Marion house value of $400,000, the increase in taxes annually would be $137. As compared to what the increase would have been if the new building option was chosen, this is about $36 additional. These figures are from the Town Finance Director. This seems like money worth spending to keep the Town House as a historic centerpiece in the village.

And, there’s nothing wrong with having stairs! Use the elevator if you need to, but stairs are a healthy option to have for employees and residents who want to get some exercise while they work and pay their bills!

It is important that townspeople vote “Yes” for this project to keep Marion’s history and character alive for our residents and our children. I believe it is essential for this renovation to go forward immediately to avoid costs of further delay ($500,000 per year). Support our sense of community and of place by helping to maintain our historic Marion Town House.

Dana Anderson

Comments (1)
Posted by: Ted North | Apr 05, 2018 18:46

Marion Town House Tax Impact Comparisons 
EMN 4/1/18 Property Assessed Value  Lump Sum  Payment    30 year Debt  Cost    Annual  Payments for 30 years    Taxpayer interest payment cost  
Tax Impact Rates    $4.39   $7.80          
Table factors    0.00439   0.00780          
                   
Department Of Revenue Average Single Family  Residence  569,503 2,500.12   4,442.12   148.07   1,942.01  
                   
  250,000 1,097.50   1,950.00   65.00   852.50  
  350,000 1,536.50   2,730.00   91.00   1,193.50  
THC Average House  Value  400,000 1,756.00   3,120.00   104.00   1,364.00  
  450,000 1,975.50   3,510.00   117.00   1,534.50  
  550,000 2,414.50   4,290.00   143.00   1,875.50  
THC Chairman's  House Value  601,600 2,641.02   4,692.48   156.42   2,051.46  
  750,000 3,292.50   5,850.00   195.00   2,557.50  
  850,000 3,731.50   6,630.00   221.00   2,898.50  
  950,000 4,170.50   7,410.00   247.00   3,239.50  
  1,050,000 4,609.50   8,190.00   273.00   3,580.50  
  1,150,000 5,048.50   8,970.00   299.00   3,921.50  
  1,250,000 5,487.50   9,750.00   325.00   4,262.50  
  2,000,000 8,780.00   15,600.00   520.00   6,820.00  
  3,000,000 13,170.00   23,400.00   780.00   10,230.00  
  5,000,000 21,950.00   39,000.00   1,300.00   17,050.00  
  10,000,000 43,900.00   78,000.00   2,600.00   34,100.00  
                   
                   
                   



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