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07-19-1993 WS
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07-19-1993 WS
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7/9/2018 5:35:21 AM
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MV City Council
City Council Document Type
City Council Packets
Date
7/19/1993
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• <br /> City of Mounds View <br /> Property Tax Computations <br /> Example No. 1 — Residential Homestead, Estimated Market Value of$84,000 <br /> Tax Capacity is determined as follows: <br /> 1.00 % x first$ 72,000 of Estimated Market Value 720.00 <br /> 2.00 % x Estimated Market Value in excess of$ 72,000 240.00 <br /> Net Tax Capacity 960.00 <br /> The net tax capacity is the amount to which the tax rate is applied. <br /> Net tax payable = .23949 x $960 = 229.91 <br /> Example No.2 — Commercial/Industrial, Estimated Market Value of$ 500,000 <br /> Tax Capacity is determined as follows: <br /> 3.00 % x first$ 100,000 of Estimated Market Value 3,000.00 <br /> 4.60 % x Estimated Market Value in excess of$ 100,000 4,600.00 <br /> Net Tax Capacity 7,600.00 <br /> The net tax capacity is the amount to which the tax rate is applied. <br /> Net tax payable = .23949 x $7,600 = 1,820.12 <br /> Please note that in 1993 tax capacity for commercial/industrial property <br /> was determined as follows: <br /> 3.00 % x first$ 100,000 of Estimated Market Value 3,000.00 <br /> 4.70 % x Estimated Market Value in excess of$ 100,000 4,700.00 <br /> Net Tax Capacity 7,700.00 <br />
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