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Newport Beach Marina Index - incorrect "average of an average" range averages and PIT
Length
2012 Adj
to Index
20 - 29'
95%
30 - 39'
95%
40 -49'
88%
50 -59'
91%
6L- 75'
86%
PIT
1.00%
Length
2011
Charges
2012
Charges
$ Change
perfoot
% Change
perfoot
20 -29'
19.04
$19.62
$0.58
3.06%
30 -39'
19.04
$24.34
$5.30
27.82%
40 -49'
22.62
$29.73
$7.11
31.44%
50 -59'
26.47
$33.93
$7.46
28.20%
60 -75'
27.981
$33.29
$5.31
18.98%
Newport
Beach Marinas
20 -29' Averages
$20.79
$20.79
21.01
Average for 20' Range $20.86
with 95% adjustment $19.82
Subtract 1.0% for PIT $0.20
Final Rate $19.62
Slip
Length
Ardell
Newport
Dunes
Marina
Harbor
Marina
Lido Yacht
Anchorage
Port
Calypso
Newport
Marina
(Swales)
Bayside
Village
Marina
25
$20.00
$23.75
$19.50
$19.50
$22.00
$20.00
28
$20.00
$23.75
$19.50
$19.50
$22.00
$20.00
29
$20.00
$23.75
$19.50
$19.50
$26.00
$18.33
$20.00
30 -39' $24.90
$25.55
27.18
Average for 30' Range $25.88
with 95% adjustment $24.58
Subtract 1.0% for PIT $0.25
Final Rate $24.34
30
$32.50
$29.00
$24.00
$19.50
$26.00
$18.33
$25.00
32
$32.50
$29.001
$24.001
$24.001
$26.001
$18.331
$25.00
36
$32.501
$31.251
$24.001
$25.001
$30.001
$22.SOI
$25.00
40 -49' $32.07
$34.36
35.95
Average for 40' Range $34.13
with 88% adjustment $30.03
Subtract 1.0% for PIT $0.30
Final Rate $29.73
40
$32.501
$39.501
$38.001
$30.001
$30.00
$22.50
$32.00
45
$36.251
$39.501
$38.001
$31.501
$28.891
$32.00
46
$36.251
$42.001
$38.001
$31.SOJ
J $32.00
50 -59' $36.80
$38.10
38.10
Average for50'Range $37.67
with 91% adjustment $34.28
Subtract 1.0% for PIT $0.34
Final Rate $33.93
50
$37.50
$42.00
$41.001
$31.501
1
1
$32.00
54
$37.501
$42.001
$41.001
$35.001
1
1
$35.00
55
$37.501
$42.00
$41.00
$35.00
$35.00
60 -75' 39.10
Average for 60' Range $39.10
with 86% adjustment $33.63
Subtract 1.0% for PIT $0.34
Final Rate $33.29
60 $38.501 $42.001 $45.001 $35.001 1 1 $35.00
Why change to a 2.38% Possessory Interest Tax Adjustment?
40 Foot Slip Example
Current Annual Possessory Interest Tax (PIT) on BYB 40 foot slip B11 is
$340.56
PIT Per Month
$28.38
PIT Per month, per foot
$0.71
Average for 40' range with the 88% adjustment (From Corrected Marina Index)
$29.84
(PIT Per foot Per Month) / (Avg. for 40'w/88% adj) =
2.38%
City of Newport Beach Current 1% PIT Adjusment (for 40' annually) $143.23
Difference 2.38% vs. 1% $197.33
Changing to a 2.38% Credit for the Possessory Interest Tax fully
credits the tenant for the actual tax paid to the County of Orange!
Note: This assumes the incorrect range averages are corrected.
Newport Beach Marina Index Corrected Range Averages +Adjusted PIT Credit to 2.38%
Length
2012 Adj
to Index
20 - 29'
95%
30 -39'
95%
40 -49'
88%
50 -59'
91%
60 - 75'
PIT
19.04
2.34%
Length
2011
Charges
2012
I Charges
$ Change
perfoot
% Change
perfoot
20 - 29'
19.04
$19.36
$0.32
1.67%
30 -39'
19.04
$24.00
$4.96
26.04%
40 -49'
22.62
$29.13
$6.51
28.78%
50 -59'
26.47
$33.46
$6.99
26.41%
60 -75'
27.98
$32.83
$4.85
17.32%
Newport Beach Marinas
20 -29' Averages
$20.79
$20.79
21.01
Average for 20' Range $20.87
with 95% adjustment $19.83
Subtract 2.38% for PIT $0.47
Final Rate $19.36
Slip
Length
Ardell
Newport
Dunes
Marina
Harbor
Marina
Lido Yacht
Anchorage
Port
Calypso
Newport
Marina
(Swales)
Bayside
Village
Marina
25
$20.00
$23.75
$19.50
$19.50
$22.00
$20.00
28
$20.00
$23.75
$19.50
$19.50
$22.00
$20.00
29
$20.00
$23.75
$19.50
$19.50
$26.00
$18.33
$20.00
30 - 39' $24.90
$25.55
27.18
Average for 30' Range $25.88
with 95% adjustment $24.58
Subtract 2.38% for PIT $0.59
Final Rate $24.00
30
$32.50
$29.001
$24.001
$5.501
$26.00
$18.33
$25.00
32
$32.501
$29.001
$24.001
$24.001
$26.001
$18.331
$25.00
36
$32.501
$31.251
$24.001
$25.001
$30.001
$22.501
$25.00
40 -49' $32.07
$34.36
35.95
Average for 40' Range $33.91
with 88% adjustment $29.84
Subtract 2.38% for PIT $0.71
Final Rate $29.13
40
$32.50
$39.501
$38.001
$30.001
$30.00
$22.50
$32.00
45
$36.251
$39.501
$38.001
$31,501
1 $28.89
$32.00
46
$36.251
942.00
$38A0
$31.50
$32.00
i'.
50 -59' $36.80
$38.10
38.10
Average for 50' Range $37.67
with 91% adjustment $34.28
Subtract 2.38% for PIT $0.82
Final Rate $33.46
50
$37.501
$42.001
$41.001
$31.501
$32.00
54
$37.501
$42.001
$41.001
$35.001
$35.00
55
$37.501
$42.00
$41.00 W1
$35.00
$35.00
60 -75'� 39.10
Average for 60' Range $39.10
with 8691 adjustment $33.63
Subtract 2.38% for PIT $0.80
Final Rate $32.83
60 $38.50 $42.00 $45.00 $35.00 $35.00
Is an "average of an average" accurate?
(specific to the range averages of the Marina Index)
Statistically speaking, an average of averages within a sample is said to very closely approximate the population
average. However, where the sample size is under 30, there needs to be an adjustment for size. If the sample is
over 30 (thus you are averaging over 30 averages), then this should reflect very closely the population average. It
is not perfect but statistically it is incredibly close.
However, it is important not to compare apples and oranges in general so while giving mu of mu, be sure to
include the standard deviation and any notes you find relevant.
Average of averages
You're living dangerously.
If the averages don't have equal weight, your average of averages will yield skewed results. Here's why.
Let's say you're trying to calculate your overall average grade for all the tests you've taken in school, and let's say
you are taking only math, English, and science. Let's say your average in math is 80, English is 85, and science is
90. The average of those averages is, of course, 85. But is that your true average?
Not if you took ten math tests, five English tests, and only two science tests!! If all those tests have equal value,
then your average is closer to 80, because the ten math tests dominate the true average. In other words, your
true average is the WEIGHTED average of the three averages. To weight them properly, you must think of the
math average as not one data point but ten data points, the English average as not one data point but five, and
the science average as not one but two data points.
Here's how the weighted average math looks:
10x80 =800
5x85 =425
2x90 =180
171405
Now, divide 1405 by 17. So, 1405/17 = 82.7. (The 17 is the sum of the weighting factors, which, as you can see, is
equal to the total number of tests you took.)
So, you can see that taking the average of averages may give erroneous results -- unless you find the weighted
average.
Read more: http : / /wiki. answers. com /Q/ls_an_average_of_averages_ accurate #ixzzlizl7Uwcl
So what is the most mathmatically correct way to calculate the NB Marina index?
Newport Beach Marina Index Corrected Range Averages + Adjusted PIT Credit to 2.38 %, By Slip Length!
Length
2012 Adj
to Index
20 - 29'
95%
30 - 39'
95%
40 - 49'
88%
50-59'
91%
60 - 75'
86%
PIT
2.38%
This is the most accurate method to calculate individual slip rates
You already have all of the "raw data" in the current marina index
You have to bill /invoice each boat by the foot, why not calculate the index that way?
Newport Beach Marinas
2012 Calculations
Slip
Length
Ardell
Newport
Dunes
Marina
Harbor
Marina
Lido Yacht
Anchorage
Port
Calypso
Newport
Marina
(Swales)
Bayside
Village
Marina
Average
With Marina
Index %
Adjustment
Subtract
2.38% PIT
Final Rate
2012
20 - 29'
25
$20.00
$23.75
$19.50
$19.50
$22.00
$20.00
$20.79
$19.75
$0.47
$19.28
28
$20.00
$23.75
$19.50
$19.50
$22.00
$20.00
$20.79
$19.75
$0.47
$19.28
29
$20.00
$23.75
$19.50
$19.50
$26.00
$18.33
$20.00
$21.01
$19.96
$0.48
$19.49
30 -39'
30
$32.50
$29.001
$24.00
$19.50
$26.001
$18.33
$25.00
$24.90
$23.66
$0.561
$23.10
32
$32.50
$29.00
$24.00
$24.00
$26.00
$18.33
$25.00
$25.55
$24.27
$0.58
$23.69
36
$32.50
$31.25
$24.00
$25.00
$30.00
$22.50
$25.00
$27.18
$25.82
$0.61
$25.21
40 - 49'
40
$32.50
$39.50
$38.00
$30.00
$30.00
$22.50
$32.00
$32.07
$28.22
$0.67
$27.55
45
$36.25
$39.50
$38.00
$31.50
$28.89
$32.00
$34.36
$30.23
$0.72
$29.51
46
$36.25
$42.00
$38.00
$31.50
$32.001
$35.95
$31.64
$0.75
$30.88
50-59,
501
37.5
$42.00
$41.00
$31.50
$32.00
$36.801
$33.49
$0.80
$32.69
541
37.51
$42.001
$41.00
$35.00
$35.00
$38.101
$34.67
$0.831
$33.85
551
37.51
$42.001
$41.00
$35.00
$35.00
$38.101
$34.67
$0.831
$33.85
60 - 75' 1
601
38.51
$42.001
$45.00
$35.00
1
$35.00
$39.101
$33.63
$0.801
$32.83
* Includes average + PIT correction
Slip
Length
Current
2011
Charges
Corrected
Index Final
Rate 2012 *
Corrected
Index $
Increase *
Corrected
Index %
Increase *
New Index
Final Rate
2012
New Index
$Increase
New Index
%
Increase
Variance
Corrected
vs. New
Index
20 -29'
25
19.04
$19.36
$0.32
1.68%
$19.28
$0.24
1.27%
-$0.08
281
19.04
$19.36
$0.32
1.68%
$19.28
$0.24
1.27%
-$0.08
291
19.04
$19.36
$0.32
1.68%
$19.49
$0.45
2.34%
$0.13
30 - 39'
30
19.04
$24.00
$4.96
26.05%
$23.10
$4.06
21.30%
-$0.90
32
19.04
$24.00
$4.96
26.05%
$23.69
$4.65
24.43%
-$0.31
36
19.04
$24.00
$4.96
26.05%
$25.21
$6.17
32.38%
$1.21
40 -49'
40
22.62
$29.13
$6.51
28.78%
$27.55
$4.93
21.80%
-$1.58
45
22.62
$29.13
$6.51
28.78%
$29.511
$6.89
30.48%1
$0.38
46
22.62
$29.13
$6.51
28.78%
$30.88
$8.26
36.53%
$1.75
50 -59'
501
26.47
$33.46
$6.99
26.41%
$32.69
$6.22
23.50%
-$0.77
541
26.47
$33.46
$6.99
26.41%
$33.85
$7.38
27.86%
$0.39
551
26.47
$33.46
$6.99
26.41%
$33.85
$7.38
27.86%
$0.39
60 -75'
601
27.98
$32.83
$4.85
17.33%
$32.83
$4.85
17.32%
$0.00
* Includes average + PIT correction
Chris W. Street
ORANGE COUNTY TREASURER -TAX COLLECTOR
a 625 N. Boa St, Bldg. 11, Room G58 • Santa Ana, CA 92701
s �` ?_: S• Office Hours: 8:00 am -4:45 pm Monday- Friday
o Phow floum::99:00 am 4:45 pm 17141834-j34411111
2090_19 UNSECURED PROPEUBB B TAX BOLL
For Fiscal Year Beginning July 1. 2010 and Ending June 30, 2011
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This bill is based on the ownership of this property on January 1
PAGE
TAX COLOTOR REFER - .ENE O r-+ —. CSTQjEWENpB�Q�; _ _ - -�
CURRENT 0HARGES / ADJUS714ENT5:
NEW BILLINGS:
TOTAL CURRENT CHARGES /ADJUSTMENTS:
TOTAL AMOUNT NOW DUE:
6-00'AM:;<46Rkie
$340.56
5340.5
FOR INFORMATION ON TAX RATE
AND AMOUNT CONTACR
AUDITOR- CONTROLLER
(714) R 2,u5
10:00 A.M. - 4:00 P.M.
MONDAY - FRIDAY
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MESSAGES
POSSESSORY INTEREST.
°' IMPORTANT
AMOUNT INCREASES 'ro 449.61 AFTER'8 /31/2010
-
TOTAAL FOR ASSESSMENT
340.56
- TOTAL-14U, BIL LINGS
5340.56
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TIHERE IS A $26 FEE FOR EACH CHECK RETURNED UNPAID BY YOUR BANK FOR ANY REASON
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