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City of Centerville <br />2009 Real Estate Tax Information <br />The 2009 real estate tax bills were sent out around the middle of March. A brief review <br />of the tax procedure is provided. <br />Discussion <br />The real estate tax is an ad valorem tax; that is, a tax levied based on the value of the <br />property. The calculation of the tax requires two variables, a tax capacity value and the <br />district tax capacity rate applicable to each individual property. <br />Tax Capacity <br />Tax capacity value is a percentage of the taxable market value of a properly. State law <br />sets the percent. Determination of tax capacity values have historically changed over <br />the years although the payable 2009 are mostly unchanged from 2008. For the taxes <br />payable in 2009 the rates are as follows: <br />Tax capacity value for residential homestead properly is determined as follows: <br />Res. Homestead (1A) Taxable Market Value First $500,000 @ 1.00% <br />Taxable Market Value Over $500,000 @ 1.25% <br />Tax capacity value for rental residential properly is determined as follows: <br />One unit (4BB1) Taxable Market Value First $500,000 @ 1.00% <br />Taxable Market Value Over $500,000 @ 1.25% <br />Two to three units (4B1) Taxable Market Value All @ 1.25% <br />Apts 4+ units (4A) Estimated Market Value All @ 1.25% <br />Low Inc. Rental Housing Estimated Market Value All @ .75% <br />Tax capacity value for commercial/industrial properly is determined as follows: <br />Commercial/Industrial (3A) Estimated Market Value First $150,000 @ 1.50% <br />Over $150,000 @ 2.00% <br />76 <br />