2014-05-14 CC Packet - Laserfiche WebLink

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City of Centerville 2014 Real Estate Tax Information The 2014 real estate tax bills were sent out around the middle of March. A brief review of the tax procedure is provided. Discussion The real estate tax is an ad valorem tax; that is, a tax levied based on the value of the property. The calculation of the tax requires two variables, a tax capacity value and the district tax capacity rate applicable to each individual property. Tax Capacity Tax capacity value is a percentage of the taxable market value of a property. State law sets the percent. Determination of tax capacity values have historically changed over the years although the payable 2009 are mostly unchanged from 2009. For the taxes payable in 2011 the rates are as follows: Tax capacity value for residential homestead property is determined as follows: Res. Homestead(1A) Taxable Market Value First$500,000 @ 1.00% Taxable Market Value Over$500,000 @ 1.25% Tax capacity value for rental residential property is determined as follows: One unit(41361) Taxable Market Value First$500,000 @ 1.00% Taxable Market Value Over$500,000 @ 1.25% Two to three unit s(4131) Taxable Market Value All @ 1.25% Apts 4+ units(4A) Estimated Market Value All @ 1.25% Low Inc. Rental Housing Estimated Market Value All @ .75% Tax capacity value for commercial/industrial property is determined as follows: Commercial/Industrial (3A) Estimated Market Value First$150,000 @ 1.50% Over$150,000 @ 2.00% Note: The above rates do not include the homestead exclusion added for the pay 2012 assessment. This homestead exclusion is a sliding scale reduction to the market value up to a maximum$500,000 value. 19 17