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
  • 2014 Street Dance features Polkaboy The Zionsville Chamber of Commerce will host its annual Street Dance this Saturday with headlining band Polkaboy; Kristi Lee from the Bob and Tom show will emcee the event.

    July 30, 2014

  • Council discusses street closures, public assistance Changes could be coming to the town's street closure policy if the council approves an amended ordinance during its Monday, Aug. 4, meeting.

    July 30, 2014

  • Wild Air Farms features horse show for 37th year

    One of the Top Ten horse shows in the nation will take place in Zionsville next week for the 37th year. The Traders Point Hunt Charity Horse Show, which raises funds for Riley Hospital for Children, kicks off Tuesday, Aug. 5, at Wild Air Farms, 7400 Hunt Club Road. The show was named one of the top ten in 2013 by The National Show Hunter Hall of Fame in Lexington, Kentucky. It lasts until the $75,000 Grand Prix of Indianapolis on Sunday, Aug. 10.

    July 30, 2014

  • 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

Order Times Sentinel photos


Photos from July 2014

Facebook
Twitter Updates
AP Video
Renewed Violence Taking Toll on Gaza Residents 2 Americans Detained in North Korea Seek Help US Employers Add 209K Jobs, Rate 6.2 Pct House GOP Optimistic About New Border Bill Gaza Truce Unravels; Israel, Hamas Trade Blame Raw: Tunisia Closes Borders With Libya Four Rescued From Crashed Plane Couple Channel Grief Into Soldiers' Retreat WWI Aviation Still Alive at Aerodrome in NY Raw: Rescuers at Taiwan Explosion Scene Raw: Woman Who Faced Death Over Faith in N.H. Clinton Before 9-11: Could Have Killed Bin Laden Netanyahu Vows to Destroy Hamas Tunnels Obama Slams Republicans Over Lawsuit House Leaders Trade Blame for Inaction
Hyperlocal Search
Premier Guide
Find a business

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