Item 1A and 1B, 2008 Proposed Budget and Proposed 2008-2012 CIP

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D. Taxable Market Value of Residential Homestead Assumes that the Pay 2008 market value increased over Pay 2007 by 3.2%. The maximum increase allowed under the Limited Market Value law is the greater of: (1) 15% increase or (2) 33% of the difference from 2007 to 2008. Countywide, the median increase in taxable market value from Pay 2007 to Pay 2008 is 0.5%. E. Calculate the Net Tax CaDacltv of a Residential Homestead Pay 2007: 1st 500,000 of Market Value @ 1.00%, remainder@ 1.25% Pay 2008: 1st 500,000 of Market Value @ 1.00%, remainder@ 1.25% F. Calculate the taxinn district's Dortion of the Gross Tax Pay 2007: multiply the Pay 2007 net tax capacity (E) by the Pay 2007 tax capacity local tax rate (A7), plus multiply the Pay 2007 market value (D) by the Pay 2007 market value local tax rate (A12) Pay 2008: multiply the Pay 2008 net tax capacity (E) by the Pay 2008 tax capacity local tax rate (B7) , plus multiply the Pay 2008 market value (0) by the Pay 2008 market value local tax rate (B12) G, Calculate the total market value homestead credit 0.40% of the first 76,000 of market value (D), reduced by 0 .09% on the market value over 76,000 The credit decreases as the market value over 76,000 increases, until a 414,000 home receives 0 credit. H, Calculate the taxina district's estimated share of market value homestead credit The credit is apportioned to all taxing districts based on their share of the total tax rate. Example of 150,000 home: (76,000 x .40% = $304) - (74,000 x .09% = $66.60) = $237.40 Assume the city is 30% of the total tax, then the city receives 30% of the Credit $237.40 x 30% = $71.22 The actual percentage will vary depending on the combination of county, city/town, school, and special taxing districts. I. Calculate the taxina district's Dortion of the Net Tax Gross Tax (F) minus the taxing district's share of credit (H) 26-30. Calculate the % increaseldecrease from 2007 to 2008 (2008 -2007) /2007