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<br />III-4 <br />STATUTORY FORMULAE: CONVERSION OF TAXABLE MARKET VALUE (TMV) TO <br />NET TAX CAPACITY FOR MAJOR PROPERTY CLASSIFICATIONS <br /> Local Tax <br />Payable <br />Local Tax <br />Payable <br />Property Type 2014 2015-2018 <br />Residential Homestead (1a) <br /> Up to $500,000 1.00% 1.00% <br /> Over $500,000 1.25% 1.25% <br />Residential Non-homestead <br /> Single Unit (4bb) <br /> Up to $500,000 1.00% 1.00% <br /> Over $500,000 1.25% 1.25% <br /> 1-3 unit and undeveloped land (4b1) 1.25% 1.25% <br />Market Rate Apartments <br /> Regular (4a) 1.25% 1.25% <br /> Low-Income (4d) 0.75% <br /> Up to $121,000(c) 0.75% <br /> Over $121,000(c) 0.25% <br />Commercial/Industrial/Public Utility (3a) <br /> Up to $150,000 1.50%(a) 1.50%(a) <br /> Over $150,000 2.00%(a) 2.00%(a) <br /> Electric Generation Machinery 2.00% 2.00% <br />Commercial Seasonal Residential <br /> Homestead Resorts (1c) <br /> Up to $600,000 0.55% 0.50% <br /> $600,000 - $2,300,000 1.00% 1.00% <br /> Over $2,300,000 1.25%(a) 1.25%(a) <br /> Seasonal Resorts (4c) <br /> Up to $500,000 1.00%(a) 1.00%(a) <br /> Over $500,000 1.25%(a) 1.25%(a) <br />Non-Commercial (4c12) <br /> Up to $500,000 1.00%(a)(b) 1.00%(a)(b) <br /> Over $500,000 1.25%(a)(b) 1.25%(a)(b) <br />Disabled Homestead (1b) <br /> Up to $50,000 0.45% 0.45% <br />Agricultural Land & Buildings <br /> Homestead (2a) <br /> Up to $500,000 1.00% 1.00% <br /> Over $500,000 1.25% 1.25% <br /> Remainder of Farm <br /> Up to $1,940,000(d) 0.50%(b) 0.50%(b) <br /> Over $1,940,000(d) 1.00%(b) 1.00%(b) <br /> Non-homestead (2b) 1.00%(b) 1.00%(b) (a) State tax is applicable to these classifications. <br />(b) Exempt from referendum market value based taxes. <br />(c) Legislative increases, payable 2018. Historical valuations are: Payable 2017 - $115,000; Payable 2016 - $106,000; and <br />Payable 2015 - $100,000. <br />(d) Legislative increases, payable 2018. Historical valuations are: Payable 2017 - $2,050,000; Payable 2016 - $2,140,000; <br />Payable 2015 - $1,900,000; Payable 2014 - $1,500,000; and Payable 2013 - $1,290,000. <br /> <br />NOTE: For purposes of the State general property tax only, the net tax capacity of non-commercial class 4c(1) seasonal <br />residential recreational property has the following class rate structure: First $76,000 – 0.40%; $76,000 to $500,000 – <br />1.00%; and over $500,000 – 1.25%. In addition to the State tax base exemptions referenced by property classification, <br />airport property exempt from city and school district property taxes under M.S. 473.625 is exempt from the State general <br />property tax (MSP International Airport and Holman Field in Saint Paul are exempt under this provision). <br />