10/23/2006 Council Packet - Laserfiche WebLink

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