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11/15/2011 <br />Tax -able Harket Value <br />Class Rate <br />Net Tax Capacity <br />Tax Rate <br />Gross Tax <br />Net Tax <br />TAX CAPACITY "NEW" <br />(Homestead Residential) <br />Tax capacity is now calculated by <br />reducing the estimated market value <br />by the "homestead market value <br />exclusion". The result, taxable <br />market value, is then multiplied by <br />the property class rate to arrive at <br />"taxable tax capacity". The taxable <br />tax capacity is then multiplied by the <br />tax rates to arrive at the net property <br />tax. <br />TAX CAPACITY <br />OLD vs. NEW <br />OLD iJEtnf <br />Crgdlt Exclusion <br />$116,000 51tf.000 <br />0 . 26.89tI, <br />$116,000 S 89,200 <br />1% 1 °, <br />$ 1,160 $ 892 <br />105.810% 110.920 <br />2 1,227 5 <br />.�8 $ _ <br />$ 959 5 989 <br />How to Calculate YOUR Tax Capacity <br />Tax Capacity using HMVE: <br />1. Multiply the 15, $76,000 of estimated market <br />value by 40%. <br />2 Multiply any estimated market value above <br />576,000 by 9%. <br />3. Deduct the result of step 2 from step 1 — this is <br />your property's HMVE (if step 2 is greater than <br />step 1 your HMVH is zero). <br />4. Deduct HMVE from the estimated market value. <br />5. Result is taxable market value. <br />6. Multiply taxable market value by property class <br />rate. <br />7. Result is taxable tax capacity. <br />Page 11 of 50 <br />