CCP 03-11-1996 - Laserfiche WebLink

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'l. 1 TAX COMPUTATION 1996 Ramsey County Tax Information Example of the tax computation for 1996 on a Homestead Property and a Non.Homestead Residenti"l property located WHERE YOUR I in the City nf 51. Panl but not in the Metro watershed district COUNTY GOVERNMENT with an Estimated Market Yalne ofS80,000 and a local ~1X TAX DOLLARS GO .. extension rate of 153.090%1. Your local tax extension rate will be different if yon live in another part of the connty. Rate sheets 5.2';' showing local tax extension rates for each city and town in Ramsey County are available on request - Call 266.2000. l(uma.nS~l'Yim I HOMESTEAD PROPERTY -'ll,IV. Net To< Capacity is determined as follows: / 1.00% x first $72.000 of Estimated Market Yalue.......... $720 Gen~r:J.I(:overnmcnl I 2.00% x amount above $72,000 Estimated lU'l. Market Yalue (2.00% x S8.000) equals............................ $160 Total Net Tax Capacity (S720' SI60)............................. $880 I This net tax capacity is the amount to which the local tax PublicSafcl)'&Jultice 29,j'/. extension rate is applied: 153.090% x S880 equals NetTax Payabk....................Sl,347.20 I NON-HOMESTEAD RESIDENTIAL (Three units or less)' Property Tax Refunds I NetTax Capacity is determined as follows.. If you own your h(lm~. you may be eligible for a properly ta.'( 2.30% X S80,000 Estimated Market Yalue equals fcLunJ based 011 income or a special tax refund that applies to the net tax capacity.......................................................... $1,840 homeowners whose net taxes in 1996 hav.:: increased over 12% I from the prior year. This net tax capacity is the amount to which the local tax extension rate is applied: To determine whether you are eligible for the refunds and to file 153.090% x 51 ,840 equals tO~11 tax payable............... $2.816.86 your claim you will neeJ a copy of State of Minnesota fonn .. M-IPR. Thl::: form is available: 'Non. Homestead residential (4 or more units) has a class rate of 3.4% - In your 1995 Minnesota Income Tax Instructions, or DEPARTMENT OF PROPERTY - at public ltbraries and post offices, or I RECORDS & REVENUE by calling (6 I 2) 296-4444, 24 hours a day, for a copy, or . by writing to: rVliullcsota Tax Forms, Mail Station 1421 Lou McKenna. Director St. I'aul, MN 55146-1421. I 50 Kellogg Bll'd._\V.. Room 820 If 1.:ligihk, Y0U must file by August 15,1996. 51. pa/~rlesota 55102-1696 I I I I I .. I ..