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PROPERTY TAX CREDITS: <br /> 1. Homestead Credit is calculated by multiplying the first$76,000 of total market value of all homestead property <br /> owned by same person by .40%. The result is the maximum homestead credit allowed per taxpayer of$304. The <br /> homestead credit allowed for properties valued higher than $76,000 is subject to a phase-out provision. The market <br /> value above$76,000 is multiplied by .09%. The result of this calculation is subtracted from the initial homestead <br /> credit to determine the homestead credit allowed for that taxpayer. If the second calculation is greater than $304, <br /> there is no homestead credit allowed to that taxpayer. Total phase-out occurs at approximately$414,000 market <br /> value. <br /> 2. Agricultural Credit is calculated by multiplying the first$115,000 of the homestead farm value by.30%. The result <br /> is the maximum ag credit allowed per taxpayer of$345. Taxpayers with farm homesteads that exceed $115,000 in <br /> value are subject to a phase-out provision.The market value above$115,000 is multiplied by.05%. The result of <br /> this calculation, not to exceed the maximum phase-out amount allowed of$115, is subtracted from the initial <br /> agricultural credit to determine the credit allowed for that taxpayer. Phase-out of$115 occurs at approximately <br /> $345,000 agricultural market value,which would result in an agricultural credit for that taxpayer of$230. <br /> 3. Supplemental homestead credit has replaced Taconite Homestead Credit in Crow Wing County. Only homestead <br /> properties located in Crosby-Ironton (School District 182)or Aitkin (School District 1)are eligible. See the separate <br /> information sheet for the calculation of Supplemental Homestead Credit. <br /> STATE PAID AID TAX RELIEF: <br /> The State Paid Aid Relief rate is calculated by dividing each of the state aids received by a taxing authority by the tax <br /> base of that authority. The aid amounts are certified by the Department of Revenue. The aids include Education Aid to <br /> schools, Local Government Aid to cities, Disparity Reduction Aid, limited to a few cities, and County Program Aid to <br /> counties. The State Paid Tax Relief Rate is the sum of the calculated aid rates totaled by unique taxing area. For an <br /> individual parcel, the state paid aid is calculated by multiplying the total state paid tax relief rate by the net tax capacity of <br /> the parcel. State paid aid is reported on Line 4 of the Property Tax Statement. <br /> `,'ISCAL DISPARITY: <br /> Fiscal Disparity applies to Commercial, Industrial, Utilities, Minerals, and Railroad land in School Districts 001 and 182 <br /> only. A portion of the value of these property classifications is taxed at a rate common to all like properties within the <br /> Iron Range Area. The basis for the common rate is 60%of the increase in the property classification value compared <br /> to the value of the 1995 assessment used for the taxes payable in 1996. The tax rate in payable 2006 for this portion of <br /> value is estimated at 145.326%. <br /> Page 2 of 2 <br /> Crow Wing County Auditor <br />