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Examples of Property Tax <br /> Calculations <br /> Tax Capacity =1% of first $72,000 in market value <br /> plus 2% of market value over $72,000 <br /> $72,000 Home $150,000 Home <br /> Tax Capacity .01 x $72,000 .01 x $72,000 $720 <br /> $720 .02 x $78,000 =$1560 <br /> City Tax City Tax Rate x Tax Capacity $2,280 <br /> 15.539% x $720 15.539% x $2,280 <br /> $112 $354 <br /> Slide 16 Falcon Heights Truth in Taxation Public Hearing rit <br /> This shows how property taxes are determined for two different home <br /> values. The City Tax Rate determines the City portion of taxes, the <br /> County Tax Rate determines the County portion of taxes and the <br /> School Tax Rate determines the School portion of taxes. <br /> For 1994 the respective tax rates are: <br /> City 15.539% <br /> School 75.890% <br /> County 45.885% <br /> Other 4.808% or 6.098% depending on which watershed <br /> Note also how 'progres the property tax system is. Doubling a <br /> home value nearly tri the property tax. <br /> Page 16 <br />