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Instructions for Calculating a Residential Homestead Property Tax: <br />D. Taxable Market Value of Residential Homestead <br />Assumes that the Pay 2010 market value increased over Pay 2009 by -6.6%. <br />Countywide, the median increase in taxable market value from Pay 2009 to Pay 2010 is -6.7%. <br />E. Calculate the Net Tax Capacity of a Residential Homestead <br />Pay 2009: 1 st 500,000 of Market Value @ 1.00%, remainder @ 1.25% <br />Pay 2010: 1 st 500,000 of Market Value @ 1.00%, remainder @ 1.25% <br />F. Calculate the taxing district's portion of the Gross Tax <br />Pay 2009: multiply the Pay 2009 net tax capacity (E) by the Pay 2009 tax capacity local tax rate (A7), plus <br />multiply the Pay 2009 market value (D) by the Pay 2009 market value local tax rate (Al2) <br />Pay 2010: multiply the Pay 2010 net tax capacity (E) by the Pay 2010 tax capacity local tax rate (137) , plus <br />multiply the Pay 2010 market value (D) by the Pay 2010 market value local tax rate (1312) <br />G. Calculate the total market value homestead credit <br />0.40% of the first 76,000 of market value (D), reduced by 0 .09% 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 />H. Calculate the taxing 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 .09% = $66.60) = $237.40 <br />Assume the city is 30% of the total tax, then the city receives 30% of the Credit $237.40 x 30% = $71.22 <br />The actual percentage will vary depending on the combination of county, city/town, school, and special taxing <br />districts. <br />I. Calculate the taxing district's portion of the Net Tax <br />Gross Tax (F) minus the taxing district's share of credit (H) <br />26-30. Calculate the % increase/decrease from 2009 to 2010 <br />(2010 -2009) / 2009 <br />