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TO: Roy A.Luukkonen,County Auditor _ JUNE 2005
<br /> FROM: Angela Burrs,Deputy Auditor
<br /> REAL ESTATE TAX LAW CHANGES
<br /> The following changes in property tax calculation were enacted in 2005: Class 1c,homesteaded Seasonal Commercial property,now has a three-tier class rate and reference to an 800 x 500
<br /> foot"box"is removed;the area outside the box is no longer classified as 4c. Only the value of Class 1c property in tier three is subject to State General Tax. Starting payable 2006, State General
<br /> Tax has two separate tax rates, one for Commercial Industrial and another for Seasonal Rec Residential and Seasonal Commercial property. Class 4d low income rental housing was re-enacted.
<br /> Commercial market value at Homestead rates for"Ma and"Pa"business phases out beginning pay 2006-was phased down to$30,000 in pay 2005,and$45,000 in pay 2004. The following rates
<br /> are in effect:
<br /> 'Underlined italicized items indicate legislative chances enacted in 2005 for taxes Payable 2006
<br /> EXEMPT
<br /> 2005 NET 2006 NET STATE TAX FROM
<br /> DESCRIPTION I CLASSIFICATION CLASS RATES I CLASSIFICATION CLASS RATES I CLASS RATES I RMV TAX
<br /> RESIDENTIAL HOMESTEAD 11a I 1a I I
<br /> Class Codes: 201, 202, 203, 206 1 1st 500,000 MV 1.00% 1 1st 500,000 MV 1.00% 1
<br /> I over 500,000 MV 1.25% I over 500,000 MV 1.25% 1 I
<br /> ---- --------------------- -------_-----
<br /> FARM HOMESTEAD I 2a 2a I I
<br /> 1
<br /> Class Codes: 101, 102, 103, 104, 105, 108 1 HGA: 1st 500,000 MV 1.00% I HGA: 1st 500,000 MV 1.00% 1
<br /> 1 over 500,000 MV 1.25% I over 500,000 MV 1.25% I I
<br /> I I i
<br /> 1 FARM:1st 600;000 MV FARM 600,000 MV 0.5 % J I ■
<br /> Yef soo,00 M! _ oo%.. peer 600,000 !Y 40
<br /> I I
<br /> ------------
<br /> FARM NON-HOMESTEAD 4bb(2) 14bb(2) I I
<br /> If building,single unit. 1 HGA: 1st 500,000 MV 1.00% HGA: 1st 500,000 MV 1.00% 1 I
<br /> Class Codes: 101, 109 1 over 500,000 MV 1.25% ( over 500,000 MV 1.25% I I
<br /> 1 Farm v,.;alUe, ;! 00%
<br /> 1
<br /> 14b(3) 14b(3)
<br /> If building,two or three units. I HGA: 1.00% I HGA: 1.00% I I
<br /> 1 Fa[marglue:, 1'00°/a'• I Farm value: '' 1.00%'
<br /> I, 1
<br /> _— - ___----- —-----– ------ o - ------------- -----------
<br /> TIMBERLANDS Class Code: 111 12b 1.00% 12b 1.00%
<br /> I I
<br /> — _—__ ---___--- ------------------_--__
<br /> SEASONAL REC.RESIDENTIAL --------- ---_______— _ _____—_______________
<br /> - --------------
<br /> 14c(1) 14c(1)
<br /> I I
<br /> Class Codes: 151, 152 1 1st 76,000 MV 1:00°k j 1st 76,000 MV 1.00% I 0.40% 1
<br /> 1 76,000 500,000 MV 1:00% 1 76,000-500,000 MV 1.00% 1 1.00% I "
<br /> Starting payable 2006,state general tax is calculated using the
<br /> gVer 500,0 .. ,.. s °„M „ .20%"
<br /> Seasonal Residential Recreational State General Tax Rate, I 1 I I
<br /> MOBILE HOME PARKS Class Code:210 0 __ _ ~–— o
<br /> –--------------------– -------------
<br /> 1 4C(5) 1.25/0 1 4C(5) 1.25/o I
<br />
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