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STATUTORY FORMULAE: CONVERSION OF TAXABLE MARKET VALUE (TMV) TO <br />NET TAX CAPACITY FOR MAJOR PROPERTY CLASSIFICATIONS <br />Property Type <br />Residential Homestead (la) <br />Up to $500,000 <br />Over $500,000 <br />Residential Non - homestead <br />Single Unit <br />Up to $500,000 <br />Over $500,000 <br />1 -3 unit and undeveloped land (4b1) <br />Market Rate Apartments <br />Regular (4b1) <br />Low - Income (4d) <br />Commercial /Industrial /Public Utility (3a) <br />Up to $150,000 <br />Over $150,000 <br />Electric Generation Machinery <br />Commercial Seasonal Residential <br />Homestead Resorts (1c) <br />Up to $600,0003 <br />$600,000 - $2,300,0003 <br />Over $2,300,0003 <br />Seasonal Resorts (4c) <br />Up to $500,000 <br />Over $500,000 <br />Non - Commercial (4c1) <br />Up to $500,000 <br />Over $500,000 <br />Disabled Homestead (1 b) <br />Up to $50,0003 <br />$50,000 to $500,0003 <br />Over $500,000 <br />Agricultural Land & Buildings <br />Homestead (2a) <br />Up to $500,000 <br />Over $500,000 <br />Remainder of Farm <br />Up to $1,010,0004 <br />Over $1,010,0004 <br />Non- homestead (2b) <br />1 Subject to the State General Property Tax. <br />2 Exempt from referendum market value tax. <br />3 2008 legislative increases. <br />° 2009 legislative increases. <br />Local Tax Local Tax Local Tax Local Tax Local Tax <br />Payable Payable Payable Payable Payable <br />2006 2007 2008 2009 2010 <br />1.00% <br />1.25% <br />1.00% <br />1.25% <br />1.25% <br />1.25% <br />0.75% <br />1.50% <br />2.00% <br />2.00% <br />1.00% <br />1.25% <br />1.25% <br />1.00% <br />1.25% <br />1.00% 1.00% <br />1.25% 1.25% <br />1.00% <br />1.25% <br />1.25% <br />1.00% <br />1.25% <br />1.25% <br />1.25% 1.25% <br />0.75% 0.75% <br />1.50% <br />2.00% <br />2.00% <br />0.55% <br />1.00% <br />1.25% <br />1.50 %1 <br />2.00 %1 <br />2.00% <br />0.55% <br />1.00% <br />1.25 %1 <br />1.00% 1.00 %1 <br />1.25% 1.25 %1 <br />1.00% 1.00% <br />1.25% 1.25% <br />1.00% <br />1.25% <br />1.25% <br />1.00% <br />1.25% <br />1.25% <br />1.25% 1.25% <br />0.75% 0.75% <br />1.50 %1 <br />2.00 %1 <br />2.00% <br />0.50% <br />1.00% <br />1.25 %1 <br />1.50 %1 <br />2.00 %1 <br />2.00% <br />0.50% <br />1.00% <br />1.25 %1 <br />1.00 %1 1.00 %1 <br />1.25 %1 1.25 %1 <br />1.00 %1 1.00 %1 1.00 %1 2 1.00 %1 2 1.00 %1 2 <br />1.25 %1 1.25 %1 1.25 %1 2 1.25 %1 2 1.25 %1 2 <br />0.45% <br />1.00% <br />1.25% <br />1.00 %1 <br />1.00 %1 <br />0.55 %1 <br />1.00 %1 <br />1.00 %1 <br />111-5 <br />0.45% <br />1.00% <br />1.25% <br />0.45% <br />1.00% <br />1.25% <br />1.00 %1 1.00% <br />1.00 %1 1.25% <br />0.55 %1 <br />1.00 %1 <br />1.00 %1 <br />0.55 %2 <br />1.00 %2 <br />1.00 %2 <br />0.45% <br />1.00% <br />1.25% <br />0.45% <br />1.00% <br />1.25% <br />1.00% 1.00% <br />1.25% 1.25% <br />0.50 %2 <br />1.00 %2 <br />1.00 %2 <br />0.50 %2 <br />1.00 %2 <br />1.00 %2 <br />