Zionsville Times Sentinel

Local News

February 7, 2013

Wal-Mart could boost town’s tax revenue

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.

 

1
Text Only
Local News
  • Ford Road bridge to close about Aug. 1 Construction of a detour is nearly complete, and the Ford Road bridge over Eagle Creek will be closed on or about Aug. 1, Boone County Highway Superintendent Rick Carney said Monday, July 21.

    July 23, 2014

  • Library patrons learn about herb gardening There are more than 300 species of thyme, which has antiseptic properties and has had many uses throughout the ages, including rubbing it into the eyes to bring about visions of fairies. "Which I would imagine, if you grind herbs into your eyes, you'd be seeing fairies," quipped Amy Mullen, The Fraudulent Farmgirl blogger and lead designer at Spotts Garden Service in Indianapolis.

    July 23, 2014

  • Zionsville ranked No. 1 safe place in state An analysis by staff at the Movoto Real Estate Blog found that the safest city in Indiana is Zionsville.

    July 23, 2014

  • Whitestown to have commuter bus service Commuter bus service is coming to Whitestown through the Central Indiana Regional Transit Authority.

    July 23, 2014

  • Plan Commission recommends approval for downtown study The downtown parking study and market analysis is one approval away from being added to the town's comprehensive plan.

    July 23, 2014

  • Downtown plan outlines strategies, goals The town of Zionsville is about to have another tool to help market and shape the future of the Village. A draft of the downtown Zionsville market study and parking analysis was presented to the working group Tuesday morning, June 24. It outlines several strategies and goals to help make downtown Zionsville more economically viable. The plan comes after the town adopted a strategic plan for the southeast quadrant of Zionsville as well as a comprehensive plan for the town.

    July 16, 2014

  • NWS ZT071614 Miss Boone County pic2 Zionsville local is crowned Miss Boone County Rachel Miller of Zionsville was crowned 2014 Miss Boone County 4-H Fair on Sunday, July 13. The 2013 Miss Boone County, Kate Emmert, was at the Witham Health Services Pavilion on the 4-H Fairgrounds to pass off her crown to Miller.

    July 16, 2014 2 Photos

  • Work set to begin on summer projects The Zionsville Community Schools Board of Trustees, at it's Monday, July 14, meeting, approved all summer construction projects and purchases for the corporation.

    July 16, 2014

  • NWS ZT071614 house fire.jpg ZFD Knocks Down Fire

    The Zionsville Fire Department was dispatched to a structure fire at 7880 Circle Drive around 6:45 p.m. Wednesday night, July 9.

    July 10, 2014 1 Photo

  • july9a.jpg VIDEO: Fourth of July celebration fills Lions Park

    Residents swarmed into Lions Park for Zionsville's Fourth of July celebration. The event included a watermelon eating contest, food, a kids area with inflatables, music, and of course, fireworks.

    July 9, 2014 1 Photo

Order Times Sentinel photos


Photos from July 2014

Facebook
Twitter Updates
AP Video
Six Indicted in StubHub Hacking Scheme Former NTSB Official: FAA Ban 'prudent' EPA Gets Hip With Kardashian Tweet Bodies of MH17 Victims Arrive in the Netherlands Biden Decries Voting Restrictions in NAACP Talk Broncos Owner Steps Down Due to Alzheimer's US, UN Push Shuttle Diplomacy in Mideast Trump: DC Hotel Will Be Among World's Best Plane Crashes in Taiwan, Dozens Feared Dead Republicans Hold a Hearing on IRS Lost Emails Raw: Mourners Gather As MH17 Bodies Transported Robot Parking Valet Creates Stress-free Travel Raw: Fight Breaks Out in Ukraine Parliament Disabled Veterans Memorial Nearing Completion Last Mass Lynching in U.S. Remains Unsolved Home-sharing Programs Help Seniors Ex-NYC Mayor: US Should Allow Flights to Israel
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide