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City of Centerville <br /> <br /> <br />tax changes, there are several elements that can contribute to this change, including, but not <br />limited to: <br /> <br /> Changes in the approved levies of individual taxing jurisdictions. <br /> Bond referendum approvals. <br /> Tax rate changes approved by the State Legislature. <br /> Changes to the homestead market exclusion and special programs approved by the State <br />Legislature. <br /> Changes in assessed market value. <br /> Changes in the classification (use) of the property. <br /> <br />A combination of any of these factors can bring about a change in the annual property tax bill. <br /> <br /> <br /> <br />The 2022 real estate tax bills were sent out by Anoka County in the middle of March 2022. A brief <br />review of the tax procedure is provided. <br /> <br />The real estate tax is an ad valorem tax; that is, a tax levied based on the value of the property. <br />The calculation of the tax requires two variables, a tax capacity value and the district tax capacity <br />rate applicable to each individual property. <br /> <br />Tax capacity value is a percentage of the taxable market value of a property. State law sets the <br />percent. For the taxes payable in 2022 the rates are as follows: <br /> <br />Tax capacity value for residential homestead property is determined as follows: <br /> <br />Residential Homestead (1A) Taxable Market Value First $500,000 @ 1.00% <br /> Taxable Market Value Over $500,000 @ 1.25% <br /> <br />Tax capacity value for non-homestead residential property is determined as follows: <br /> <br />One unit (4BB1) Taxable Market Value First $500,000 @ 1.00% <br /> Taxable Market Value Over $500,000 @ 1.25% <br /> <br />Two to three-units (4B1) Taxable Market Value All @ 1.25% <br /> <br />Apartments 4+ units (4A) Estimated Market Value All @ 1.25% <br /> <br />Tax capacity value for commercial/industrial property is determined as follows: <br /> <br />Commercial/Industrial (3A) Estimated Market Value First $150,000 @ 1.50% <br /> Over $150,000 @ 2.00% <br /> <br />Note: These rates do not include the homestead exclusion that is calculated from the overall tax <br />capacity value. This homestead exclusion deduction from taxable market value is based on a <br />sliding scale up to a maximum market value of $413,800. <br /> <br /> <br /> <br />14 <br /> <br />