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• <br />CITY OF FALCON HEIGHTS <br />COMPARISON OF 2003 PROPERTY TAXES <br />TO 2004 PROPOSED PROPERTY TAXES <br />t3 ~o <br />Median Market Taxable Value Increased from $170,500 TO $174,000 <br />DESCRIPTION PAY 2003 PAY 2004 DIFFERENCE <br />MEDIUM MARKET VALUE: <br />NET TAX CAPACITY* <br />X LOCAL TAX RATE ** <br />(1) NET TAX CAPACITY TAXES: <br />170,500 174,000 3,500 <br />1705.00 1740.00 35.00 <br />99.405% 98.018% <br />1694.86 1705.51 10.66 <br />NET TAX CAPACITY 1705.00 <br />X EDUCATIONAL HOMESTEAD CREDIT RATE: variable <br />(2) EDUCATIONAL HOMESTEAD CREDIT AMOUNT: -219.59 <br />-217.00 <br />2.59 <br />. <br />TAXABLE MARKET VALUE OF HOME 170,500 174,000 3500.00 <br />X MARKET TAX RATE: 0.20792% 0.19573% <br />(3) MARKET VALUE TAXES: 354.50 340.57 -13.93 <br />SUMMARY: <br />(1) NET TAX CAPACITY TAXES: 1694.86 1705.51 10.66 <br />(2) EDUCATIONAL HOMESTEAD CREDIT AMOUNT: -219.59 -217.00 2.59 <br />(3) MARKET VALUE TAXES: 354.50 340.57 -13.93 <br />TOTAL TAXES DUE: $1,829.77 $1,829.08 ($o.s9) <br />O.O% INCREASE <br />* Net Tax Capacity =Taxable Market Value x Class Rate <br />** Local tax rate is composed of City, County, School <br />District, and Special Taxing District taxes <br />*** Maximum educational homestead credit of $304.00 for 2004 <br />at a home valued at $76,000. For value over $76,000 then <br />• deduct amount times .09%. This would be approximately <br />$217 for 2004 <br />1740.00 35.00 <br />variable <br />