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Example of MVHC Calculation <br />MVHC Old Law: New Law: <br />The Credit The Exclusion <br />Estimated Market Value $116,000 $116,000 <br />Exclusions $ 0 $ 26,800 <br />Taxable Market Value $116,000 $ 89,200 <br />Class Rate 1% 1% <br />Net Tax Capacity $1,160 $892 <br />Tax Rate* 105.810% 110.920% <br />Gross Tax $1,227 $989 <br />Credit _$268 L) <br />Net Tax $959 $989 <br />*The tax rate change used here reflects average statewide rates <br />for 2011 under either approach, assumes no change in levies. <br />