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H.F. 1. First Special Session <br />Version: Delete - everything amendment <br />Section <br />June 28. 2001 <br />PaRc32 <br />Article 3: CLASS RATE CIIANGES <br />Rate reduced to 1.25;6 in pay 2003 and thereafter. <br />Rate reduced to 1.5% in pay 2003 and 1.25% in pay 2004 and thereafter. <br />Rate increased to I.0% in pay 2003. classification abolished in pay 2004. <br />' Exempt from referendum market value tax. <br />Page 102 <br />Article 3: Property Taxes <br />Current Law <br />Proposed Class Rates <br />Local Tax <br />State Tax <br />Residential Homestead: <br />Up to $76,000 <br />1.0 % <br />. 1.0 % <br />$76,000 - $500,000 <br />1.65 <br />1.0 <br />Over 3500,000 <br />1.65 <br />1.25 <br />Residential Nonhomestead: <br />Single unit: <br />Up to $76,000 <br />1.2 • <br />1.0 <br />376.000 - 3500,000 <br />1.65 <br />1.0 <br />Over $500,000 <br />1.65 <br />1.25 <br />2 -3 unit and undeveloped land <br />1.65 <br />1.5' <br />Apartments: <br />Regular <br />2.4 <br />1.82 <br />Small city <br />2.15 <br />1.82 <br />Low- income <br />1.0 <br />0.9; <br />Commercial- Industrial - Public Utility: <br />Up to $150,000 <br />2.4 <br />1.5 <br />1.5 <br />Over $150,000 <br />3.4 <br />2.0 <br />2.0 <br />Electric generation machinery <br />3.4 <br />2.0 <br />- <br />Seasonal Recreational Commercial: <br />Homestead resorts (1c): <br />1.0 <br />1.0 <br />- <br />Seasonal resorts (4c): <br />Up to $500,000 <br />1.65 <br />1.0 <br />1.0 <br />Over 3500.000 <br />1.65 <br />1.25 <br />1.25 <br />Seasonal Recreational Residential: <br />Up to $76.000 <br />1.1 <br />1.0" <br />0.4 <br />$76,000 - $500,000 <br />1.65 <br />1.0' <br />1.0 <br />Over 3500,000 <br />1.65 <br />1.254 <br />1.25 <br />Disabled homestead <br />0.45 <br />0.45 <br />Agricultural land & buildings: <br />Homestead: <br />Up to $115.000 <br />0.35 <br />0.554 <br />S115,000 - 3600,000 <br />0.8 <br />0.554 <br />Over $600,000 <br />1.2 <br />1.0' <br />Nonhomestead <br />1.2 <br />1.0' <br />Rate reduced to 1.25;6 in pay 2003 and thereafter. <br />Rate reduced to 1.5% in pay 2003 and 1.25% in pay 2004 and thereafter. <br />Rate increased to I.0% in pay 2003. classification abolished in pay 2004. <br />' Exempt from referendum market value tax. <br />Page 102 <br />Article 3: Property Taxes <br />