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Last modified: Oa-11-08 <br /> Tax Capacity (TC): <br /> " Tax Capacity is determined by multiplying the taxable market value of each property <br /> by the statutory class rates for the specific use(s) on the property. There are <br /> corresponding class rates for the different property classifications. <br /> Tax Capacity Rate: <br /> The rate is used to collect the amount of dollars required to operate city/county <br /> governments and schools. The tax rate is usually expressed as a percentage of tax <br /> capacity, used to determine the property tax due on a property. <br /> Taxable Market Value (TMV): <br /> This is the value that your property taxes are actually based on, after all reductions, <br /> limitations, exemptions and deferrals. Your 2008 value, along with the class rate and <br /> the budgets of your local government, will determine how much you will pay in taxes <br /> in 2009. <br /> This Old House Exclusion (TOH): <br /> This is a value exclusion for certain improvements. This is the amount of the <br /> new improvement value excluded from taxation on homestead property 45 years of <br /> age or older (M.S. 273.11, Subd. 16). Improvements that increase the estimated <br /> market value by $5,000 or more may have some of the value excluded from <br /> taxation. Only improvements made before January 2, 2003, and assessed for <br /> the 2003 assessment will qualify for this exclusion. Value that has been <br /> deferred for 10 years began phasing in with the 2004 assessment. Please <br /> contact your assessor's office for more information. <br /> Value of New Improvements: <br /> This is the assessor's estimate of the value of new or previously un-assessed <br /> improvements you have made to your property. These improvements are not <br /> eligible for limited market value. <br />