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r. <br /> words, if two properties had equal credits comprise the total tax bill for a <br /> market vah�es but clifferent class rates, property. <br /> the property with the higher class rate <br /> would have a higher tax capacity. The Taxes payable for the current year and <br /> property tax statement may show the previous year are listed at the top of the <br /> abbrevi�ted classification name, such as tax detail section on the statement. These <br /> Res. Hmstd. (residential homestead). amotmts do not inchide any special <br /> assessments and are used to deternline <br /> The Mechanics of Taxes eligibility for refund programs. <br /> The market value and classification is <br /> used to determine the�roperty tax bill. State Aid Reductions <br /> Most property taxes are levied against The statement must contain a section <br /> the parcel's tax capacity and some are that details how 1n individl�al's taxes <br /> levied against the taxable market value. have been reduced by state aid and credit <br /> programs. The tax amount without any <br /> • The tax capacity of a parcel is aid or credits applied is shown first, with <br /> determined by multiplying the deductions for aid and credits itemized <br /> parcel's market vahie by its separately. <br /> classification rate. For exainple, a <br /> l�ome witl�ai� assessed market vah�e All state aid amounts that cities may <br /> of$250,000 has a class rate of 1.0 receive are certified by July. Aid helps <br /> percent, which equals a tax capaciry close the gap between a ciry's <br /> of$2,500. expenditure needs and its abiliry to raise <br /> revenues through property taxes, fees, <br /> Property taxes that are levied against tax charges and other sources of revenue. <br /> capacity are calculated using tax See the "Local Government Aid 101" <br /> capacity rates. These rates are cloctunent for more inforination on LGA, <br /> detenilined by dividing the tax capacity the largest state aid prograin. <br /> levy by the total tax capacity of a <br /> jurisdiction. The suin of all tax capacity An individual property tax bill may be <br /> rates, the total local tax r�te, is reduced by�pplicable credits, such as <br /> miiltiplied by a parcel's tax capacit��to the homestead market vali�e credit <br /> determine the tax capacity portion of the (MVHC). This credit provides a <br /> tax bill. reduction in property taxes of 0.4 <br /> percent of the homestead's market value <br /> Voter-approved referenda levies are up to a maximum of�304 dollars <br /> applied to a parcel's taxable market Homesteads valued at �413,778 and o��er <br /> ��alue instead of the tax capacity. The do not recei��e credit. Local jurisdictions <br /> market value rate is found by dividing are reimbursed by the state for the total <br /> the nzarket value levy by the total market amount of credits given to homeowners. <br /> value. Mi�ltiplying the market value rat�e Agricultural homestead properties may <br /> by the parcel's taxable inarket vah�e benefit from the Agriculrival Market <br /> results in the market value portion of Value Credit program which works <br /> property taxes. The tax capaciry portion silnilarly to MVHC. See the "Market <br /> plus the market value portion less airy Value Hoinestead 101" document for <br /> further details on these credits. <br /> 2 <br />