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A mill is a Real Estate tax rate. The rate is expressed as a rate per thousand, which is why it’s called “mill.” In order to calculate the Real Estate taxes for a property in the State College Borough, you use the following formula: ((Assessed Value – Homestead Exclusion)/1,000) x Millage Rate. By way of example, let us say your home has an assessed value of $250,000. Your Real Estate taxes for 2015 would be calculated as follows: ((250,000 - 25,000) /1,000) x 14.4 = $3,240. The Assessed Value is 50% of the 1995 market value. When a home is sold, or built, the County Assessment Office uses a formula to calculate the 1995 Market Value to determine the Assessed Value. The Taxable Assessed The 2020 Taxable Assessed Value was $549,881,685 making the value of 1 mill = $549,881.69.
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The answer is both yes and no. The Borough’s bank account is not approaching zero. Borough Council has adopted a policy of keeping a reserve of two months of annual expenses for the General Fund. That reserve is in place to provide for fluctuations in cash flow and to provide an emergency fund if the Borough experiences some unexpected emergency.
Centre County estimates the assessed value of tax-exempt property. Based on the best information available, the total Assessed Value for Penn State property in the Borough was $345.6 million in 2020. If the property were taxable, the resulting 2020 real estate tax payment to the Borough would be approximately $6.3 million.
The Borough does maintain a Capitalization and Depreciation policy, which is published in the "Policies and Processes" section of the 2015 Budget beginning on page B-12, should you be interested in more detailed information. The policy offers guidance to management in complying with financial reporting requirements and for planning for the logical replacement of capital assets.
In general, three factors are used to determine the method and timing of replacement: cost, useful life and salvage value. There are, however, some assets (e.g. computers) that have a negligible salvage value at their useful life, so useful life is the only deciding factor for replacement. Computers and Equipment are replaced according to their estimated useful life of 3-7 years. Vehicles, on the other hand, are replaced according to their estimated useful life of 3-12 years, provided that the vehicle under consideration also meets the Borough's minimum mileage/hours use requirement.