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Statutory Formulae Conversion of Statutory Formulae Conversion of <br />Estimated Market Value (EMV) to Net Estimated Market Value (EMV) to Net <br />Tax Capacity for Major Property Tax Capacity for Major Property <br />ClassificationsClassifications <br />Market value is set in spring by assessor and approved at the Board of Appeal <br />and Equalization (April –May) <br />General Net Tax CapacityNet Tax CapacityNet Tax Capacity <br />ClassificationLevy Year 1999Levy Year 2000-2001Levy Year 2002-2013 <br />Residential First $75,000 of EMV at 1%. EMV First $76,000 of EMV at 1%. EMV First $500,000 of EMV at 1%. Over <br />excess of $75,000 at 1.7%in excess of $76,000 at 1.65%$500,000 at 1.25% <br />Residential2.5% of EMV2.4% of EMV1.8% of EMV <br />Non-Homestead <br />Agricultural Land:First $115,000 of EMV on first 320 First $115,000 of EMV on first 320 First $600,000 of EMV at .55%. <br />acres at .35%. EMV in excess of acres at .35%. EMV in excess of Over $600,000 at 1%. <br />$115,000 on first 320 acres at .8%. $115,000 on first 320 acres at .8%. <br />EMV in excess of $115,000 over 320 EMV in excess of $115,000 over 320 <br />acres at 1.25%acres at .80%. <br />Non-Homestead1.25% of EMV1.20% of EMV1% of EMV <br />Commercial/First $150,000 of EMV at 2.45%. First $150,000 of EMV at 2.4%. First $150,000 of EMV at 1.5%. <br />IndustrialEMV in excess of $150,000 at 3.5%EMV in excess of $250,000 at 3.4%.EMV in excess of $150,000 at 2%. <br />