7A, Adoption of the final 2011 Budget and Tax Levy

Home Browse Search

__ . __ _ __ Instructions far Calculating a Residential Nomestead Praperty Tax: D. Taxable Market Value of Residential Homestead Assumes that the Pay 2011 market value decreased over Pay 2010 by 1.0°/a. Co�nlywide, the median decrease in taxable market value from Pay 2010 to Pay 2011 is 6.1 %. E. Calculate the Net Taz Ca aci of a Residentlal Homestead Pay 20'[0: 1 st 50U,ODU of Maricet Value @ 1.00%, rernaind�r @'[.25% Pay 2011: 1 st 500,000 of Market Value @ 1.00%, remainder {a� 1.25% F. Calculate the kaxina distrtct's portion of the Gross Tax Pay 2010: mUltiply ihe Pay 2010 net tax capacify (E) by the Pay 20t 0 lax capaciry �ocal tax rate (A7), p1�s multiply fhe Pay 2010 market value (b) by the Pay 2010 market va{ue local tax rate (Al2) pay 2U11: multiply the Pay 2011 net taz capacily (E) by the Pay 2091 tax capacify local tax raie (B7) , plus multipiy the Aay 2011 market value {D) 6y the Pay 2011 marKek va1�e local tax rate (612) G. Calculate the total market r+alue homestead credii 0.40°/a of the first 76,000 of market value (�), reduced by 0.09°/fl on the market value over 76,000 The credit decreases as the mar3cat value over 76,00D increases, until a 414,000 home receives 0 credit. H. Calculate the taxin district`s eskimated share of market value homestead cred[t The credit is apportioned lo all taxing districts based on their share of the tota! tax rafe. F�cample of 150,000 home : (76,OU0 x .40°/a = $304 ) - (74,000 x .09% _ $fi6.80) _ $237.4D Assume the cify is 30% of the tofal tax, then fhe city receives 3U% of the Credit $237.40 x 3tl% _$71.22 The aclual percerttage will vary depending on the combination of caunfy, cityttown, schoai, and specia! taxing districts. I. Calcuiate the taxinq district's portion of the Net Tax Gross Tax (F) minus the taxing district's share of credit {H) 2&-3U. Calculaie the % Increaseldecrease from 2010 ta 2U11 (2011 -2010} 120 i 0