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! <br />! <br />! <br /> <br />TAX EST J ~.tATES <br /> <br />IWABLE 1982 - CITY OF POtI~SE¥ - SCHOOL # DISTRICT #1l <br /> <br /> $50,000 Res~denkial Homestead <br /> <br /> $27,000 at 16% = $4,320 <br /> $23,000 at 2~% = $5,060 <br /> <br /> $9, 380 Assessed Valuation <br /> <br />$9,380 at 84.317% = $790.89 Gross Tax <br /> <br />Homestead Credit 58% (~ax Homestead Credit $650) times $790.90 Gross <br /> Tax Equals $332.18 Net Tax ($6.64 per thousand) <br /> <br />$50,000 Residential Non-Homestead <br /> <br />$50,000 at 28% = $14,000 Assessed Valuation <br /> <br />$14,000 at 84.317 = $1,180.44 Net Tax [$23,61 per thousand) <br /> <br />$50,000 Co~ercial Non-Homestead <br /> <br />$50,000 at 40% = $20,000 Assessed Valuation (Anything above $50,000 goes to <br /> 43%) <br />($20,000 at 24.0590% Ratio = $4,812 Area Wide Assessed Valuation) <br /> <br />$15,188 at 84.317% = $1,281 <br />$4,812 at 10.3003% = $ 496 <br /> <br />$1,777 Net Tax ($35',54 per thousand) <br /> <br />Th~§ lo--hula, which is the formula that is used in the State of Minnesota for <br />taxing property, is submitted for your information. Also, the results'of this <br />formula are shown how-they work when applied on the following attached documents. <br />Consequently, I think your corporation, after reviewing these, will agree that <br />the process Ramsey uses is a much fairer one. <br /> <br /> <br />