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(a) <br />(b) <br />(c) <br />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 (4bb1) <br />Up to $500,000 <br />Over $500,000 <br />1-3 unit and undeveloped land (4b1) <br />Market Rate Apartments <br />Regular (4a) <br />Low -Income (4d) <br />Up to $100,000 <br />Over $100,000 <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 (lc) <br />Up to $600,000 <br />$600,000 - $2,300,000 <br />Over $2,300,000 <br />Seasonal Resorts (4c) <br />Up to $500,000 <br />Over $500,000 <br />Non -Commercial (4c12) <br />Up to $500,000 <br />Over $500,000 <br />Disabled Homestead (lb) <br />Up to $50,000 <br />Agricultural Land & Buildings <br />Homestead (2a) <br />Up to $500,000 <br />Over $500,000 <br />Remainder of Farm <br />Up to $1,900,000(°) <br />Over $1,900,000(°) <br />Non -homestead (2b) <br />Local Tax Local Tax <br />Payable Payable <br />2011-2014 2015 <br />1.00% 1.00% <br />1.25% 1.25% <br />1.00% 1.00% <br />1.25% 1.25% <br />1.25% 1.25% <br />1.25% 1.25% <br />0.75% <br />0.75% <br />0.25% <br />1.50%° 1.50%° <br />2.00%(°) 2.00%(°) <br />2.00% 2.00% <br />0.55% 0.55% <br />1.00% 1.00% <br />1.25%(°) 1.25%° <br />1.00%( 1.00%(°) <br />1.25%(°) 1.25%(°) <br />1.00%(°)@) 1.00° (° (b) <br />1.25%(°)(") 1.25%°(b) <br />0.45% 0.45% <br />1.00% 1.00% <br />1.25% 1.25% <br />0.50%(b) 0.50%(b) <br />1.00%(b) 1.00%(b) <br />1.00%(b) 1.00%(b) <br />State tax is applicable to these classifications. <br />Exempt from referendum market value based taxes. <br />Legislative increases, payable 2015. Historical valuations are: Payable 2014 - $1,500,000; Payable 2013 - $1,290,000; <br />Payable 2012 - $1,210,000; and Payable 2011 - $1,140,000. <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 <br />general property tax (MSP International Airport and Holman Field in St. Paul are exempt under this provision). <br />II1-4 <br />