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City of Centerville <br />2010 Real Estate Tax lnibrmation <br />The 2010 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 property. 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 2009. For the taxes <br />payable in 2010 the rates are as follows: <br />Tax capacity value for residential homestead property 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 property is determined as follows: <br />One unit (4661) <br />Two to three unit s (4131) <br />Apts 4+ units (4A) <br />Low Inc. Rental Housing <br />Taxable Market Value <br />Taxable Market Value <br />Taxable Market Value <br />Estimated Market Value <br />Estimated Market Value <br />First $500,000 @ 1.00% <br />Over $500,000 @ 1.25% <br />All @ 1.25% <br />All @ 1.25% <br />All @.75% <br />Tax capacity value for commercial/industrial property is determined as follows: <br />Commercial /Industrial (3A) Estimated Market Value First $150,000 @ 1.50% <br />Over $150,000 @ 2.00% <br />16 <br />