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Instruc#ions for Ca1culating a Residential Homestead Property Tax: <br />D. Taxable Nlarket Value of Resident9al Homesiead <br />Assumes fhaf the Pay 2012 markeE vafue decreased over Pay 2Q 11 by -1. t6°/a. <br />Co�ntywide, ihe median decrease i� taxa6le market value from Pay 201 � to Pay 2012 is �.OS%. <br />E. Calc�[late Ihe hEeY 1'ax Capatitv of a Residentia[ Homestead <br />Pay 2b11: 1 st 5U0,000 af Niarket Value Q 3.0�%, remainder @ 1.25% <br />Pay 2012: 1st 500,000 of N1a�icet Va�ue @ i.00%, remainder @ 1.25% <br />F. Calculate the taxinq district`s port9on of the Gross Tax <br />Pay 2011: muitiPly the Pay 2011 net tax capacity (Ef by the �ay 2091 tax capacify local tax rate {A7j, plus <br />mulEiply fhe Pay 2Q11 rnarkef value (D) by fihe Pay 20� t market value loca) tax rafe (Al2} <br />Pay 2012: muliiply the Pay 2012 net tax capacity (E� bythe Pay 2012 {ax capacity ]ocal tax rate (67j , ptus <br />mui5ply fhe Pay 2412 markei �aiue {C3f by the Pay 2012 market value loca! iaz rate (Bi 2) <br />G, Calculate the total market vafue homestead credit <br />Q.4D°/a of the first 76,000 of rnarkef value (E3), reduced by 0.09% on the market value over 76,Q00 <br />The credii decreases as the market value over 76,000 increases, until a 414,OU0 home receives 0 credit. <br />H. Calculate the {axin district's estimated share af market value homestead credit <br />The credit is apport'saned to al] taxing districts based on #heir share of ihe total lax rate. <br />Example of 150,Oa� home : (76,000 x .40% _ $304 ) - (74,060 x .09% _ $65.66} _ $237.4p <br />Assume the city is 30% of ihe total #ax, then the city recei�es 30% of lhe Credit $237.46 x 30°/a =$79.22 <br />The acEuaE percentage wifl vary depending on the combinatiQn of coun[j+, csty/town, school, and special taxing <br />diStricts. <br />1. Cafcu[ate the kaxin district's ortion af the Net iax <br />Gross Tax (F; minus the taxing district's share of credit (H} <br />26-30. Calcu[ate the % increaseldecrease from 2Q11 to 2012 <br />(2012 -2fl 11 } ! 2011 <br />�i <br />