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<br /> JUNE 2005
<br /> REFERENDUM MARKET VALUE BASED TAX
<br /> 2005 ) 2006
<br /> Seasonal recreational property and agricultural property are excluded from calculations of I Seasonal recreational property and agricultural property are excluded from calculations of
<br /> School District and Local Market Value based referendum levies. I School District and Local Market Value based referendum levies.
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<br /> REFERENDUM MARKET VALUE: I REFERENDUM MARKET VALUE:
<br /> Based on full market value if the tax capacity percentage is 1%or greater. If the Class I Based on full market value if the tax capacity percentage is 1%or greater. If the Class
<br /> rate is less than 1%,the portion of market value using the Gass rate less than 1%is I rate is less than 1%,the portion of market value using the_class rate less than 1%is
<br /> multiplied by that class rate percentage X 100. I multiplied by that class rate percentage X 100.
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<br /> Example MV=$100,000 I Example MV=$100,000
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<br /> Residential Homestead Disabled ) Residential Homestead ) Farm Homestead I Residential Homestead Disabled ) Residential Homestead ) Farm Homestead
<br /> Joint Owner ) ) I Individual Owner ) )
<br /> First$32,000 x.45%=144 )$100,000 X 100%=$100,000 ) and HGA=75,000 I First$32,000 x.45%=144 °
<br /> 144 x 100=$14,400 ) Ref MV=$100,000 )$75,000 x 100%=$75,000 )$100,000 X 100/o=$100,000 and HGA 1 0%=
<br /> I 144 x 100=$14,400 ) Ref MV=$100,000 )$75,000 x 100%_$75,000
<br /> Remainder$100,000-32,000=$68,000 ) $100,000 x Ref MV Rate=RMV tax )Ref MV=$75,000 I Remainder$100,000-32,000=$68,000 ) $100,000 x Ref MV Rate=RMV tax )Ref MV=$75,000
<br /> $14,400 t$68,000=$82,400 ) )$75,000 x Ref MV Rate=RMV tax I $14,400+$68,000=$82,400 ) )$75,000 x Ref MV Rate=RMV tag
<br /> Ref MV=$82,400 ) ) I Ref MV=$82,400 ) )
<br /> $82,400 x Ref MV Rate=RMV tax ) ) I $82,400 x Ref MV Rate=RMV tax ) )
<br /> STATE GENERAL TAX M.S.275.025
<br /> Tax Rate:51.121% I Tax Rate: to be set by Oct.1
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<br /> There are two rates for State General Tax starting in payable 2006 one for Comm Ind(proposed 2006 rate
<br /> I 51 000%)and another rate for Seas Rec Residential/Seas Comm(proposed 2006 rate 29 000%)
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<br /> Seasonal Rec Residential: 40%of tax capacity on 1 st$76,000 of MV I Seasonal Rec Residential: 40%of tax capacity on 1 st$76,000 of MV
<br /> 100%of tax capacity on remainder MV i 100%of tax capacity on remainder MV
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<br /> Commercial/Industrial/Utility 100%of tax capacity (Electrical generating attached I Commercial/Industrial/Utility 100%of tax capacity (Electrical generating attached
<br /> machinery is exempted) I machinery is exempted)
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<br /> Non-Hmstd Seas Commercial 100%of tax capacity I Non-Hmstd Seas Commercial 100%of tax capacity
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<br /> Hmstd Seas Commercial 100%of tax capacity of taxable market value over
<br /> $2.200.000 (only tier-three of Class 1c)
<br /> LIMITED MARKET VALUE M.S.273.11,subd. 1(a)
<br /> (Applies to Residential,Farm Homesteads,and Seasonal property only. Determines the maximum amount of market value that can be added to the preceding
<br /> year's assessment.)
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<br /> The greater of: 1) 15%of preceding year's assessment I The greater of: 1) 15%of preceding year's assessment
<br /> 2) 25%of the difference between preceding I 2) 25%of the difference between preceding
<br /> year's assessment and current year EMV I year's assessment and current Year EMV
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<br /> Phaseout: Pay 2007 15%of Dreceedino or 33%of the difference
<br /> PLAT LAW MV LIMITATION
<br /> Applies to vacant land platted before August 1,2001 M.S.273.11 subs.14(a) I Applies to vacant land platted on or after August 1,2001 M.S.273.11 subd.14(b)
<br /> Three(3)year phase in to true value I Seven(7)year phase in to true value
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