7A, Adopt 2010 Operating Levy Payable in 2011 & Establish the 2010 Truth-In-Taxation Hearing Date

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Instructions for Calculating a Residential Homestead Property Tax: D. Taxable Market Value of Residential Homestead Assumes that the Pay 2011 market value decreased over Pay 2010 by 1.0%. Countywide, the median decrease in taxable market value from Pay 2010 to Pay 2011 is 6.1 %. E. Calculate the Net Tax Capacity of a Residential Homestead Pay 2010: 1 st 500,000 of Market Value @ 1.00%, remainder @ 1.25% Pay 2011: 1 st 500,000 of Market Value @ 1.00%, remainder @ 1.25% F. Calculate the taxing district's portion of the Gross Tax Pay 2010: multiply the Pay 2010 net tax capacity (E) by the Pay 2010 tax capacity local tax rate (A7), plus multiply the Pay 2010 market value (D) by the Pay 2010 market value local tax rate (Al2) Pay 2011: multiply the Pay 2011 net tax capacity (E) by the Pay 2011 tax capacity local tax rate (B7) , plus multiply the Pay 2011 market value (D) by the Pay 2011 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 taxinq 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 taxinq district's portion of the Net Tax Gross Tax (F) minus the taxing district's share of credit (H) 26-30. Calculate the % increase/decrease from 2010 to 2011 (2011 -2010) / 2010