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JNE 2005 _ ` Page 4 2005 TAX CREDITS 2006 SUPPLEMENTAL HOMESTEAD (TACONITE) CREDIT M.S.273.1391 (Applies to Homestead Property in School Districts 1 &182 Only) I High Percentage District: 66%of NTC tax after subtraction of homestead tax credit I 66%of NTC tax after subtraction of homestead tax credit and if applicable,ag credit I and if applicable,ag credit Maximum Credit Allowed: $315.10 I Maximum Credit Allowed: $315.10 I Low Percentage District: 57%of NTC tax after subtraction of homestead tax credit I 57%of NTC tax after subtraction of homestead tax credit and if applicable,ag credit I and if applicable,ag credit I Maximum Credit Allowed: $289.80 I Maximum Credit Allowed: $289.80 AGRICULTURAL CREDIT M.S.273.1384,subd.2 (Applies to Farm Homestead Market Value without HGA) Ag Credit Rate: 0.30%of farm market value I Ag Credit Rate: 0.30%of farm market value Maximum Ag Credit Allowed: $345.00 per homestead I Maximum Ag Credit Allowed: $345.00 per homestead I Maximum credit allowance is reached at$115,000 Farm Market Value. I Maximum credit allowance is reached at$115,000 Farm Market Value. If Farm MV is>$115,000,the Ag Credit is reduced as follows: I If Farm MV is>$115,000,the Ag Credit is reduced as follows: The Farm MV minus$115,000 is multiplied by.05%and the result is subtracted from$345 I The Farm MV minus$115,000 is multiplied by.05%and the result is subtracted from$345 up to a maximum reduction of$115. ( up to a maximum reduction of$115. HOMESTEAD CREDIT M.S.273.1384,subd.1 (Applies to Residential Homestead/and HGA of Farm Homesteads) I Homestead Credit Rate: 0.40%of 1st$76,000 of market value I Homestead Credit Rate: 0.40%of 1st$76,000 of market value Maximum Homestead Credit Allowed: $304.00 per homestead I Maximum Homestead Credit Allowed: $304.00 per homestead I If Taxable MV is>$76,000,the Homestead Tax Credit is reduced as follows: I If Taxable MV is>$76,000,the Homestead Tax Credit is reduced as follows: The TMV minus$76,000 is multiplied by .09%and the result is subtracted from$304. I The TMV minus$76,000 is multiplied by .09%and the result is subtracted from$304. The result is the homestead tax credit and cannot be less than zero. I The result is the homestead tax credit and cannot be less than zero. (if MV>$414,000, homestead tax credit=$0) I (If MV>$414,000, homestead tax credit=$0) I Net property tax is determined by subtracting credits in the following order: I Net property tax is determined by subtracting credits in the following order: 1)Disaster; 2)Homestead; 3)Agricultural; 4)Supplemental Homestead I 1)Disaster; 2)Homestead; 3)Agricultural; 4)Supplemental Homestead The total of residential and agricultural homestead credit cannot exceed the net tax capacity I The total of residential and agricultural homestead credit cannot exceed the net tax capacity based tax on any parcel. If it does,credits are reduced in reverse order until net tax is zero. I based tax on any parcel. If it does,credits are reduced in reverse order until net tax is zero. I On Form M-1PR Property Tax Refund the residential homestead qualifying tax is limited to I On Form M-1PR Property Tax Refund the residential homestead qualifying tax is limited to to 10 acres. The qualifying tax for agricultural homestead property is the tax on the house, I to 10 acres. The qualifying tax for agricultural homestead property is the tax on the house, garage,and one acre. I garage,and one acre.