10-24-2016 Council Packet - Laserfiche WebLink

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III-4 STATUTORY FORMULAE: CONVERSION OF TAXABLE MARKET VALUE (TMV) TO NET TAX CAPACITY FOR MAJOR PROPERTY CLASSIFICATIONS Local Tax Payable Local Tax Payable Local Tax Payable Property Type 2012-2014 2015 2016 Residential Homestead (1a) Up to $500,000 1.00% 1.00% 1.00% Over $500,000 1.25% 1.25% 1.25% Residential Non-homestead Single Unit (4bb1) Up to $500,000 1.00% 1.00% 1.00% Over $500,000 1.25% 1.25% 1.25% 1-3 unit and undeveloped land (4b1) 1.25% 1.25% 1.25% Market Rate Apartments Regular (4a) 1.25% 1.25% 1.25% Low-Income (4d) 0.75% Up to $100,000 0.75% Over $100,000 0.25% Up to $106,000 0.75% Over $106,000 0.25% Commercial/Industrial/Public Utility (3a) Up to $150,000 1.50%(a) 1.50%(a) 1.50%(a) Over $150,000 2.00%(a) 2.00%(a) 2.00%(a) Electric Generation Machinery 2.00% 2.00% 2.00% Commercial Seasonal Residential Homestead Resorts (1c) Up to $600,000 0.55% 0.50% 0.50% $600,000 - $2,300,000 1.00% 1.00% 1.00% Over $2,300,000 1.25%(a) 1.25%(a) 1.25%(a) Seasonal Resorts (4c) Up to $500,000 1.00%(a) 1.00%(a) 1.00%(a) Over $500,000 1.25%(a) 1.25%(a) 1.25%(a) Non-Commercial (4c12) Up to $500,000 1.00%(a)(b) 1.00%(a)(b) 1.00%(a)(b) Over $500,000 1.25%(a)(b) 1.25%(a)(b) 1.25%(a)(b) Disabled Homestead (1b) Up to $50,000 0.45% 0.45% 0.45% Agricultural Land & Buildings Homestead (2a) Up to $500,000 1.00% 1.00% 1.00% Over $500,000 1.25% 1.25% 1.25% Remainder of Farm Up to $2,140,000(c) 0.50%(b) 0.50%(b) 0.50%(b) Over $2,140,000(c) 1.00%(b) 1.00%(b) 1.00%(b) Non-homestead (2b) 1.00%(b) 1.00%(b) 1.00%(b) (a) State tax is applicable to these classifications. (b) Exempt from referendum market value based taxes. (c) Legislative increases, payable 2016. Historical valuations are: Payable 2015 - $1,900,000; Payable 2014 - $1,500,000; Payable 2013 - $1,290,000; and Payable 2012 - $1,210,000. NOTE: For purposes of the State general property tax only, the net tax capacity of non-commercial class 4c(1) seasonal residential recreational property has the following class rate structure: First $76,000 – 0.40%; $76,000 to $500,000 – 1.00%; and over $500,000 – 1.25%. In addition to the State tax base exemptions referenced by property classification, airport property exempt from city and school district property taxes under M.S. 473.625 is exempt from the State general property tax (MSP International Airport and Holman Field in St. Paul are exempt under this provision ).