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Referendum Market Value <br />Referendum market value generally equals the taxable market value of all taxable property, <br />excluding property classified as class 2 (ag!rural land), 4c(4) (student housing), or 4c(12) <br />(noncommercial seasonal residential recreational or "cabins") . The portion of class 2a property <br />consisting of the house, garage, and surrounding one acre of land of an agricultural homestead is <br />included in referendum market value. However, in regards to this exclusion, in the case of class <br />1 a, lb or 2ap roperty, the market value used to determine referendum market value is the value <br />prior to the homestead market value exclusion. Note, however, that any class of property, or any <br />portion of a class of property, that is included in the definition of referendum market value and <br />that has a class rate of less than one percent, shall have a referendum market value equal to its <br />market value (either the TMV or the market value prior to the homestead market value exclusion, <br />whichever is appropriate) times its class rate, multiplied by 100. <br />Example: A residential homestead property with an estimated market value of $100,000 receives <br />an exclusion of $28,240 resulting in a taxable market value of $71,760. The referendum market <br />value is equal to the market value prior to the homestead market value exclusion (or the taxable <br />market value plus the market value homestead exclusion amount), which in this case is <br />$100,000. (See the examples in the attached document.) <br />Truth in Taxation <br />Please consult the forthcoming truth in taxation instructions for changes. <br />Tax Statements <br />The tax statements must contain the homestead market value exclusion amount (after the <br />estimated market value and before the taxable market value). The following illustration shows <br />how this might likely be displayed, but please consult the forthcoming property tax statement <br />instructions for specifics. <br />unty <br />icor-Treasurer <br />East, Box 78 <br />' 55555-5555 <br />5-6789 <br />_ice.nin.us <br />90.81 <br />��rille Estates Addition to the City <br />PROPERTY TAX VALUES & CLASSIFICATION <br />Taxes Pa able Year: 2011 2012 <br />Estim=ated Market et Value: S1 X11,1()0 <br />Impro 'ements Ev lu�kd: 8,000 <br />f 1omes(cad [xclu4i oi: N/A <br />Taxable Markel Value: S1'- ,100 <br />New 1u prrr enp =it(: / <br />Expired ExLfusions: 34,000 <br />Pr(perty (lassitic< (i,,m RES 11'\1ST1) <br />3143,200 <br />51,000 <br />324,352 <br />3114,848 <br />31,000 <br />RES 1-INISTI <br />Yoii mays be eligible for one or even two <br />refunds to reduce you property tax. <br />