07/24/2006 Council Packet - Laserfiche WebLink

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STATUTORY FORMULAE: CONVERSION OF ESTIMATED MARKET VALUE (EMV) TO NET TAX CAPACITY FOR MAJOR PROPERTY CLASSIFICATIONS Property Type Residential Homestead Up to $500,000 Over $500,000 Residential Non - homestead Single Unit Up to $500,000 Over $500,000 2 -3 unit and undeveloped land Market Rate Apartments Regular Small City Low- Income Commercial /Industrial /Public Utility Up to $150,000 Over $150,000 Electric Generation Machinery Seasonal Recreational Commercial Homestead Resorts (1c) Up to $500,000 $500,000 - $2,200,000 Over $2,200,000 Seasonal Resorts (4c) Up to $500,000 Over $500,000 Seasonal Recreational Residential Up to $500,000 Over $500,000 Disabled Homestead Agricultural Land & Buildings Homestead Up to $600,000 Over $600,000 Non - homestead Local Tax Local Tax Local Tax Local Tax Local Tax Payable Payable Payable Payable Payable 2002 2003 2004 2005 2006 1.000% 1.000% 1.000% 1.000% 1.000% 1.250% 1.250% 1.250% 1.250% 1.250% 1.000% 1.000% 1.000% 1.000% 1.000% 1.250% 1.250% 1.250% 1.250% 1.250% 1.500% 1.250% 1.250% 1.250% 1.250% 1.800% 1.500% 1.250% 1.250% 1.250% 1.800% 1.500% 1.250% 1.250% 1.250% 0.900 %1 1.000%1 - 0.750%1 1.500% 1.500% 1.500% 1.500% 1.500% 2.000% 2.000% 2.000% 2.000% 2.000% 2.000% 2.000% 2.000% 2.000% 2.000% 1.000% 1.000% 1.000% 1.000% 0.550% 1.250% 1.250% 1.250% 1.250% 1.000% 1.250% 1.250% 1.250% 1.250% 1.250% 1.000% 1.000% 1.000% 1.000% 1.000% 1.250% 1.250% 1.250% 1.250% 1.250% 1.000 %2 1.000 %2 1.000%2 1.000 %2 1.000%2 1.250 %2 1.250 %2 1.250 %2 1.250%2 1.250%2 0.450% 0.450% 0.450% 0.450% 0.450% 0.550 %2 0.550 %2 0.550 %2 0.550 %2 0.550 %2 1.000 %2 1.000 %2 1.000 %2 1.000 %2 1.000 %2 1.000 %2 1.000 %2 1.000 %2 1.000 %2 1.000 %2 Rate increased to 1% in pay 2003, classification abolished for pay 2004 and pay 2005, of 0.75% in pay 2006 and thereafter. 2 Exempt from referendum market value tax. and re- established at a rate