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Box <br /> <br />HOW ARE YOUR PROPERTY TAXES DETERMINED <br /> <br /> Total <br />Proposed Local <br />Budget <br /> <br />Box 4 <br /> <br />Assessor% <br />Market Value <br /> <br />- minus <br /> <br />X times <br /> <br />Box 2 <br /> All Non-Property <br /> Tax Revenue, eg: <br />* State Aids <br />* Fees, Charges etc. <br /> <br />Box 5 <br /> <br />State <br />Mandated <br />Class Rates <br /> <br />= equals <br /> <br />lBox 3 Property Tax <br /> <br /> Revenue Needed <br /> (Levy) <br /> <br />divided by <br /> <br />equals <br /> <br />Box 7 <br /> Property <br /> Tax <br /> Rate <br /> ("Tax Capacity Rate)" <br /> <br />= equals <br /> <br />I Box 6 <br /> . Total <br /> Tax Capacity" <br /> Formerly Assessed Value) <br /> <br />YOUR PROPERTY TAX -- <br /> <br />Your Property's Market Value X C.Iqss Rate(s) X "Tax Capaqitv" Rate <br /> <br />Example: <br /> Suppose your home is classified as Residential Homestead and is valued at $150,000 and the local tax rate is 1.12967 <br /> <br />THEN: <br /> <br />Your home's tax capacity = <br /> <br />$150,000 times 1% = $1,500.00 <br /> <br />Your total property tax is = <br />$1,500.00 times 1.12967 = $1,694.51 <br /> <br />Your City share of tax is = <br />$1,694.51 times 0.36658 = $621.17 <br /> <br />-8- <br /> <br />Public Hearing - November 27, 2001 <br /> <br /> <br />