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ESTIMATED CITY PROPERTY TAX <br /> CALCULATIONS <br /> ESTIMATED CITY PROPERTY TAX CALCULATIONS BASE <br /> PROPOSED 1995 BUDGET D UPON <br /> Formula for calculating city property tax on a single family property <br /> tax capacity <br /> 1st $72,000 X 1% 720 <br /> all value over $72,000 X 2% additional tax capacity <br /> Total tax capacity <br /> tax capacity X proposed city tax rate (16.462 city tax <br /> market value <br /> city taxes <br /> 1994 $110,000 property <br /> 227 <br /> Proposed 1995 <br /> with no change $110,000 property <br /> in value 243 $17) 7% <br /> (25% of all <br /> FH homes) <br /> with a 2.5% <br /> in value $112,750 property <br /> 253 (+$26) 11% <br /> with a 5% <br /> in value $115,500 property <br /> 262 (+$35) >15% <br /> (66% of all FH homes increased between 1% and 5% in market value from 1994.) <br /> The property tax percentage increases would be the same on all values of single <br /> family homes experiencing the same persentage increase in market value. In other <br /> words, if a homeowner's market value increased by 2.5%, he or she would have <br /> about an 11% city tax increase regardless of the value of the property. Of course, the <br /> actual dollar amount would vary depending on the market value of the property. <br />