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1987 Assessment Formula 1988 Assessment Formula <br /> -1st 65 ,000 @ .18 1st 68 ,000 @ . 17 , <br /> above 65 ,000 @ . 28 above 68 ,000 @ . 27 <br /> $85 ,000 house $85 ,000 house <br /> - 18 = 11,700 68 , 000 X . 17. = .11, 560 <br /> 65 , 000 X <br /> 20 ;000 X`. 28 = 5 ,600 17 ,000 X . 27 4 ,5,90 <br /> Assessed value = $17 , 300 Assessed- value = $16 , 150 <br /> Times mill rate Times mill rate <br /> 17 , 300 X . 114162 = 16 , 150 X . 1235 <br /> Taxes $1 ,975 Taxes $1 , 995 <br /> Less- homestead credit $700 Less homestead credit- $700 <br /> Net tax $1 ,275. 00 Net tax $1 , 295 or a $20 <br /> increase <br /> 1987 Mill Rate 1988 Mill Rate (est. ) <br /> *county 29 . 356 county, - 31 . 0 <br /> city 15. 543 ci%y 19 . 3 <br /> school 63 . 304 school 67 .1 <br /> metro 5 . 959 metro 6 . 1 <br /> Total mill rate 114 . 162 Total mill rate 123 . 5 . est <br /> *Mi11 rates are Hennepin County. Mill rate in Ramsey County is <br /> about 4 mills higher (part county/part metro) . <br /> $100 , 000 house $100 , 000 house <br /> Assessed valuation $21 , 500 Assessed valuation $20 , 200 <br /> X . 114162 mill rate = 2 , 454 X . 1235 mill rate = 2 , 495 <br /> less homestead credit - 700 less homestead credit - 700 <br /> Net tax $ 1 ,754 Net tax $1 ,795 <br /> ( +39 . 00) <br /> Note: -These estimates assume no change in house values from 1987 <br /> to 1988 . An average -increase is probably about 30 , which <br /> would add about $160 .more per year for an $100 , 000 house <br /> or about $80. 00 more for an $85 , 000 house. <br /> • <br /> .l <br />