Agenda - Council - 07/12/1982 - Special

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J A 4 pIex has an E.M.V. of $60,000 and one apartment is occupied by a blind owner on the assessment date and has an E.M.¥. of $15,000. The other apartments are rented out. In this example it is necessary to compute two assessed values in order to dctcrm ine the reduced assessment credit (blind 3cc). ItlGH VALUE Class 3c Class 3d TOTAL A.V. $27,000 X 16%= $ 4,320 $33,000 X 36% = $11~880 $16,200 LOW VALUE Class 3c~ Class 3d TOTAL A.V, $35,000 X 5% = $ 1,750 $25,000 X 36%= $ 9~000 $10,756' tI.C.A.V. = $16,200 Q.T.A.V. = $16,200 A 4 plex has an E.M.V. of $60,000 and each owner has an undivided 1/2 interest in the property. One owner occupies on the assessment date one of the apartments which has an E.M.V. of $15,000. The other apartments are rented out. This exampIe can be used as a mid-year homestead as well. Class 3c Class 3d Class 3d TOTAL A.V. (1/2 Homestead) $13,500 X 16%= $ 2,160 $16,500 X 36%= $ 5,940 $30,000 X 36% = $10~800 '$18,900 (Subject to H.C.) (Subject to H.C.) (Non-Homestead) H.C.A.V. = $ 8,100 Q.T.A.V. = $18,900 A 3 plex has an E.M.V. of $75,000 and is classified Non-Homestead Residential. Class 3dd $75,000 X 28% = $21,000 ' · e A 3 plex has an E.M.¥. of $75,000 and one apartment is occupied by the owner on the assessment date and has an E.M.V. of $25,000. The other apartments are rented out. Class 3c Class 3dd TOTAL A.V. $27,000 X 16%=$ 4,320 $48,000 X 28% = $13~440 $17,760 H.C.AoV. = $17,760 Q.T.A.V. = $17,760 10. A 3 plex has an E.M.V. of $48,000 and one apartment is occupied by the owner on the assessment date and has an E.M.V. of $16,000. The other apartments are rented out. -6-