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<br />Instructions for Calculating a Residential Homestead Property Tax: <br /> <br />D. Taxable Market Value of Residential Homestead <br />Assumes that the Pay 2009 market value increased over Pay 2007 by 3,2%, The maximum increase allowed <br />under the Limited Market Value law is the greater of: (1) 150J'o increase or (2) 330J'o of the difference from 2007 to 2008, <br />Countywide, the median increase in taxable market value from Pay 2007 to Pay 2008 is 0,5%. <br /> <br />E. Calculate the Net Tax Capacity of a Residential Homestead <br />Pay 2008: 1 st 500,000 of Market Value @ 1.000J'o, remainder @ 1,25% <br />Pay 2009: 1 st 500,000 of Market Value @ 1,OOoJ'o, remainder @ 1,25% <br /> <br />F. Calculate the taxina district's portion of the Gross Tax <br />Pay 2008: multiply the Pay 2008 net tax capacity (E) by the Pay 2008 tax capacity local tax rate (A7), plus <br />multiply the Pay 2008 market value (0) by the Pay 2008 market value local tax rate (A 12) <br />Pay 2009: multiply the Pay 2009 net tax capacity (E) by the Pay 2009 tax capacity local tax rate (87) , plus <br />multiply the Pay 2009 market value (0) by the Pay 2009 market value local tax rate (812) <br /> <br />G. Calculate the total market value homestead credit <br />0.400J'o of the first 76,000 of market value (0), reduced by 0 ,090J'o on the market value over 76,000 <br />The credit decreases as the market value over 76,000 increases, until a 414,000 home receives 0 credit. <br /> <br />H. Calculate the taxina district's estimated share of market value homestead credit <br />The credit is apportioned to all taxing districts based on their share of the total tax rate, <br />Example of 150,000 home: (76,000 x .40% = $304) - (74,000 x ,090J'o = $66,60) = $237.40 <br />Assume the city is 30% of the total tax, then the city receives 300J'o of the Credit $237.40 x 300J'o = $71,22 <br />The actual percentage will vary depending on the combination of county, city/town, school, and special taxing <br />districts, <br /> <br />I. Calculate the taxina district's portion of the Net Tax <br />Gross Tax (F) minus the taxing district's share of credit (H) <br /> <br />26..30. Calculate the % increase/decrease from 2008 to 2009 <br />(2009 -2008) / 2008 <br />